The Federal Government through its Ministry of Industry, Trade and Investment has announced the signing of a Memorandum of Understanding (MoU) with the Arabian Chamber of Commerce, in a bid to boost collaboration and partnership between the 2 countries ahead of the upcoming Expo 2020 Dubai, United Arab Emirates (UAE).

This was disclosed in a statement by the Federal Ministry of Industry, Trade and Investment on Tuesday, according to the News Agency of Nigeria.

The Minister of Trade, Adeniyi Adebayo who was represented by the Director, Legal of the Ministry, Mr Danjuma Alhassan, stated that the partnership will strengthen business relationships between Nigeria and Gulf countries.

What the Minister said

He said, “To boost business opportunities and funding of the upcoming Expo 2020 Dubai.

” The agreement would formalise a collaborative business relationship between the ministry and Nigerian Arabian Gulf Chamber of Commerce.“

The Minister added that the Cultural and socio-economic forum between Nigeria and the Gulf Cooperation Council Countries (GCCC) is aimed at the promotion and facilitation of economic relationship between Nigeria and Arabian Gulf Countries.

”Especially in the area of trade information and financial and technical support,” he added.

What you should know

On International Trade, Nairametrics reported earlier that Nigeria extended its negative trade balance in the first half of 2021, as its trade deficit surged to N5.81 trillion in the period. This is according to the recently released foreign trade report by the National Bureau of Statistics (NBS).

The report showed that Nigeria exported total merchandise valued at N7.99 trillion in the review period, opposed to a total import value of N13.8 trillion, indicating a trade balance of -N5.81 trillion between January and June 2021.