Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.
By Victoria Ojeme and Rapheal Izokpu
In an Effort to develop trade relation between Iran and Nigeria, Iranian Minister of Iindustry,Mine and Trade and head of Iran delegation to Nigeria, Engr. Mohammad Nematzadeh, has called for establishment of trade centres. He made the call at the opening of the 5th session of Iran-Nigeria joint commission at the Ministry of Foreign Affairs in Abuja.
He said: “Iran and Nigeria have great potentials for cooperation in the fields of mining, industry, oil and gas, technology, technical engineering services, health and petrol chemical,” he said.
“I think it is our responsibility to seriously identify and remove the obstacles on the way to further economic development of the two countries. Removal of obstacles regarding banking relations, finance, insurance investment and customs are highly necessary to facilitate trade flows between the two countries,” said Nematzadeh.
This, he said, can be considered as one of strategies to further develop trade relations between the two countries.
The head of the delegation advised that the long distance between the two countries hinder the expansion of the economic relations, saying both need to work together. Speaking earlier, the Minister of State 1 for Foreign Affairs, Prof. Viola Onwuliri, said Nigeria is ready to participate effectively in the joint commission meeting saying Nigeria believes that it serves as a veritable mechanism and platform for effective cooperation and collaboration between both countries.
Onwuliri noted the commitment of both countries to the peaceful resolution of international disputes and their large contribution to stabilising roles in their respective regions. Four memorandum of understandings were signed at the end of the meeting on visa waiver for holders of diplomatic passports, tourism, industrial cooperation in the fields of geology, mining, mineral processing and metallurgy.
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