Trade ties between Rwanda and Nigeria could be strengthened further following a visit by Nigerian investors.
The investors, from the manufacturing sector, oil industry, aviation, real estate, agro-processing and small and medium enterprise industry, are in the country to explore trade and investments opportunities in various sectors.
The delegation, which arrived on Tuesday, is expected to meet with PSF officials during the four-day visit, share experiences, and business strategies that will help enhance trade between the two countries, Geoffrey Kamanzi, the head of trade and negotiations at Private Sector Federation (PSF), told The New Times yesterday.
Trade volume between Rwanda and Nigeria increased from about $1 million in 2011, to about $29 million in 2014, according to central bank’s statistics.
However, Nigeria dominates this trade by about 61 per cent with Rwanda importing more than it exports to its counterpart.
The total value of Rwanda’s last five years of exports to Nigeria amounted to $210,173; this is compared to $325,509 of imports from Nigeria over the same period.
The business meeting seeks to balance trade between the two countries.
According to Steven Ruzibiza, the chief executive of PSF, trade between Rwanda and Nigeria is growing at an impressive rate, and is manifested by various investments by Nigerians in Rwanda, especially in the financial services sector.
Aderemi Banjoko, the head of the Nigerian delegation, said Rwanda’s excellent business environment presented business opportunities to Nigerian investors in almost all sectors of the economy.
“And as we endeavour to attract investors, there is also need for the Rwandan business community to take advantage and invest in other countries, including Nigeria.”
Rwanda hopes to use the four-day visit to market its exports, including tea, coffee and horticulture produce.