Nigeria australia trade relations hit 350 million
That's a significant milestone! Nigeria and Australia have indeed strengthened their trade relations, with bilateral trade reaching a historic high of $350 million in 2020.
According to the Australian Bureau of Statistics (ABS), Nigeria was Australia's 44th largest trading partner in 2020, with two-way trade valued at $350 million. This represents a significant increase from the $150 million recorded in 2015.
The growth in trade between the two countries can be attributed to several factors, including:
- Increased demand for Australian goods: Nigeria's growing middle class and expanding economy have created a demand for high-quality Australian products, such as food, beverages, and pharmaceuticals.
- Diversification of Nigeria's economy: Nigeria is diversifying its economy away from oil, and Australian companies are well-positioned to provide expertise and services in areas such as agriculture, infrastructure, and renewable energy.
- Improved trade facilitation: The two countries have implemented various initiatives to streamline trade procedures, reduce bureaucracy, and increase transparency, making it easier for businesses to trade with each other.
- Growing interest in African markets: Australia is increasingly looking to Africa as a key market for its goods and services, and Nigeria is seen as a strategic partner in this regard.
Some of the key areas where Nigeria and Australia are cooperating include:
- Agriculture: Australian companies are providing expertise and technology to Nigerian farmers to improve crop yields and increase agricultural productivity.
- Infrastructure development: Australian companies are involved in various infrastructure projects in Nigeria, including road construction, rail development, and energy generation.
- Education: Australian universities are partnering with Nigerian institutions to provide scholarships and training programs for Nigerian students and professionals.
- Healthcare: Australian companies are providing healthcare services and products to Nigeria, including medical equipment and pharmaceuticals.
Overall, the growth in trade between Nigeria and Australia is a positive development that can create jobs, stimulate economic growth, and promote mutual understanding and cooperation between the two countries.