By Favour   Nnabugwu

Nigeria and Sweden and have commenced moves to correct the trade imbalance between the two countries. The volume of trade between the two countries is put at about $700 million, with Nigeria’s share put at around $90 million representing just 12.86 percent of the total trade volume.

At a joint press briefing with the Swedish Consulate in Abuja, the Nigerian Export Promotion Council (NEPC) noted that the imbalance between the two countries began in the 90s.

Mr David Adulugba, NEPC’s Executive Director lamented, “Precisely in the 1970s and 80s, trade between Nigeria and Sweden flourished but regrettably, it declined in the last decade for many economic and social reasons.”

Adulugba, who was represented by Leva Akor, explained that the two countries had agreed to encourage Nigerians to increase their exports to Sweden. He said this prompted the organisation of a seminar with the theme – ‘Exporting to Sweden and European Union: Opportunities and Challenges’.

Adulugba explained that the seminar is meant to enlighten Nigerians on export opportunities in Sweden; to acquaint exporters with import regulations, market access and standards; to identify specific products suitable for export to Swedish market and to create export awareness and explore areas of further mutual cooperation between the two countries.

He noted that only few products including cashew_nuts and rubber apart from oil were being exported to Sweden by Nigeria. According to him, other products with export potentials to Sweden include fish and shell fish, shrimps, fruits, gum Arabic and leather, which he noted, are already being exported to other members of European Union.

“There is no gain saying that Nigeria offers very huge potentials for foreign and local investors who may want to take advantage of the benefits therein, irrespective of the challenges of doing business in Nigeria, such as the poor infrastructural facilities in the country,” he stated.