Lagos, June 2, 2023 – The Lagos Chamber of Commerce and Industry (LCCI) has called for improved trade volume between Nigeria and Poland which currently stands at $800 million annually
The volume of trade between Nigeria and Poland currently stands at about $800 million annually.
Dr. Michael Oluwale Cole, the President of LCCI, made the call while signing a Memorandum of Understanding (MoU) with his Polish counterpart at a Polish Business Forum in Lagos.
He said the MoU was to rekindle the moribund business relationship between the two countries which started in 1961 when the first bilateral trade agreement was signed.
LCCI President said the purpose of the MoU and the business forum was to enable members of the Polish delegation to Nigeria and their Nigerian counterparts to discuss investment opportunities within the two countries.
He said the delegation was a follow up to the visit made by the President of Poland, Mr. Andrzej Duda, to Nigeria in 2022 which marked a new beginning of the Nigeria-Poland diplomatic and economic ties which started in 1961.
“Nigeria is quite significant as you are the very first delegation the LCCI will welcome to Nigeria following the nations transition to a new government on May 29, 1998.
“We are hopeful that the new government will address all the regulatory and foreign exchange related issues that have affected the flow of investment into the country,” said.
Cole said the significant areas of bilateral trade between Nigerian and Polish investments had been food, ICT, and construction, but Nigeria would want the relationship extended to more sectors.
Grzegorz Piechowiak, the Secretary of State, Ministry of Economic Development and technology, Poland, said he was convinced that the event would significantly broaden the knowledge on the dynamics of the Polish economy as well as vast opportunities Poland offered to Nigerian entrepreneurs.
“I know that some of the Polish and Nigerian companies present here have already established contacts between them and I encourage the rest to follow this example.
“As the secretary of state leading the ministry’s efforts in the field of bilateral economic relations, I would like to focus on the chances to intensify cooperation between Poland and Nigeria.”
Mrs. Joanna Tarnawska, the Polish Ambassador in Nigeria, commended efforts of Polish entrepreneurs who made it to Nigeria in search of new avenues of corporation with their Nigerian partners.
“I assure you that you are in the right place. With the visit of our President, Mr. Duda, last year and with the election of President Tinubu in Nigeria, we hope to see a great development in the corporation between Poland and Nigeria in trade and commerce.
“In this vibrant (Nigerian) market, I am sure you will find your own niche and the way to develop. So, do not get discouraged. Work hard to bring about an enhancement of the bilateral relationship between our two countries.”
Major-Gen. Christain Onuoha Ugwu (rtd), the Nigerian Ambassador to Poland, said the business forum was important because the meeting came at a time when Nigeria had just inaugurated a new President, Bola Ahmed Tinubu, a man with the zeal to revamp the economic sector of Nigeria.
“I am happy that today this forum is a reality. I, therefore, expect a robust discussion that will lead to a vibrant economic relation between Nigeria and Poland.
“Nigeria signed its first trade agreement with Poland in 1961. Unfortunately, this trade agreement remained moribund. We hope that with this meeting today it is going to be resuscitated.”
Ugwu said the resilience of Polish Investment and Trade Agency (PITA) in organising the forum would give impetus to both countries’ economic corporation.
“It is also a welcomed opportunity for business groups from both countries to interact and engage in an enduring bilateral corporation.
“Nigeria is a large market with abundant natural resources such as oil and gas, gold and many others. Polish investors in mining are hereby invited to invest in the avalanche of minerals available in Nigeria.
“Nigeria business group are very reliable and willing to collaborate with foreign investors and I wish the Polish business people will cue to this,” he said.
Ugwu said the volume of trade between the two countries had been very low and need to be revived for the benefit of the two nations.
Marek Ktoczko, the President of Polish Chamber of Commerce, said he was happy to have led a business delegation from Poland to Nigeria after a long time.
Ktoczko said although the delegation was not huge, but the companies they represented were from very important sectors of energy, food, infrastructure, multi-industry design and manufacturing and others.
“This delegation is the first step, and very important step and I fully believe that after the successes of members on this mission there will be many other Polish companies to establish corporation with Nigerian partners.”
Mrs. Justyna Sitarska, the Head of Foreign Trade Office in Lagos and the PITA, said the business forum as well as the signing of the MoU were proofs that the economic exchange and cordial relationship between Poland and Nigeria were crucial for both countries.
She said the Polish trade office was especially proud of the fact that the value of trade between Poland and Nigeria is growing every year, and just last year increased to approximately $800 million.
She, however, noted that Polish export to Africa was nearly one per cent of all Polish exports globally.
“There is a solid ground for us to improve this trade volume not in favour of any country, but in a mutually beneficially way.
“As a Polish Investment and Trade Agency, we help Polish companies to enter foreign markets.
“We help entrepreneurs chose the most effective expansion part abroad. We work in synergy with many other institutions to provide holistic offer that includes the financing and credit insurance of their project.
“I want to remark that Polish ECA has not used up its limits for guarantee for Africa. So, if we have great projects, we can bring it to them to get the guarantees and export credits,” she said.
Mr. Knut Ulvmoen, the Deputy President of LCCI, who is also the group executive director of Dangote Group, assured the delegation from Poland that Nigeria is the ideal place to come to do business in Africa.
“They are looking for win-win approach and I can say that Nigeria is a paradise for them. It is the best place for them to be.” (GBN)
