BY PROVIDNECE OBUH

The bilateral trade between Nigeria and Brazil in 2012 is below potential, said Director, Board of Trustees Nigeria-Brazilian Chamber of Commerce and Industry (NBCC1) Ambassador Kayode Garrick.

This is because, in 2012, Brazil exported goods worth $1 billion to Nigeria, while Nigeria exported goods worth $8 billion to Brazil, Garrick noted.

The figures were revealed in his presentation titled: “Bilateral Business between Nigeria and Brazil: The Way Forward” at a breakfast meeting organised by NBCCI in Lagos.

He explained that although Nigeria has a trade surplus, about 96 percent of its export is represented by crude oil, while Brazil exports diversity of goods, just as he said that Nigeria is Brazil’s 12th largest trading partners.

According to him, “Bilateral trade figure between Nigeria and Brazil in 2012 is closely the same as 2008. In 2012, Brazil exported $1billion worth of goods to Nigeria, while Nigeria exported $8 billion worth of goods to Brazil in the same period.

“There seems to be a huge gap between Brazil export and Nigeria; the figure in 2012 closely deals with figures in 2011, 2010, 2009, 2008, they show that Nigeria had a surplus in its trade with Brazil.

“There is reason to worry for Nigeria’s $8 billion export to Brazil because 96 percent is represented by crude oil and this is not surprising hence our total dependence on oil valued at $1.9 billion in 2012, representing 96 percent. That is one of the things affecting this economy because it is a monoculture economy.

“For Brazil export items to Nigeria, we have sugar $600 million; cereals, $160 million; organic chemical, $46.5 million; grains, $45 million; plastics, $36 million; paper, $22 million;  and food items $8 million, among others.

“I see in Brazil a mirror, through which we can look at the opportunity we have in that economy, we can produce and import some of the products exported from Brazil. They have substantial opportunity in export to Nigeria and can export technology to help in agricultural areas and also in developing oil and gas energy. We can learn a lot from Brazil.

“Business between both countries is below potential and there are a number of development that I think will increase the tempo for development. Brazilian businesses try to be satisfied in paying attention to their own internal market, this provides good opportunity, but at the same time, I think any economy that is growing need to look outward.”

He however, recalled that in 1976, the only Chinese product in Nigeria were mosquito coils saying “today we are trading with China exporting more than $9 billion worth of good to Nigeria.