Business - Business & Economy - News - October 26, 2021

Nigeria, Chad to set up joint Business Council

MEDIATRACNET

Nigeria and Chad Republic have agreed to cooperate and work together to strengthen their commercial ties and l improve their bilateral trade relations.

Under the agreement, the Nigerian Investment Promotion Commission (NIPC) said it has agreed to woek with its counterpart in Chad Republic to set up the Nigeria-Chad Joint Business Council.

The Council is expected to serve as a platform to promote the development of a stronger commercial ties, improvement of bilateral trade and emsure greater investment flows between the two countries.

The two countries pledged their support to work with relevant government Ministries, Departments and Agencies (MDAs) of both countries to further their xommon interest.

This was the outcome of a meetingin Abuja on Friday between the management of thw NIPC and a high-powered business delegation from the Republic of Chad led by Nigeria’s Ambassador to Chad, Sadique Abubakar and his counterpart, the Ambassador of Chad to Nigeria, Abakar Saleh Chahaimi .

Acting Executive Secretary/CEO, NIPC, Emeka Offor said under the bilateral agreement, “the NIPC will facilitate the setting up of the Joint Business Council in accordance with our mandate – to encourage, promote and coordinate investments in the country.”

“Both countries recognise the potential value of the informal trade activities across their borders,” Ambassador Chiami said.

“There is, therefore, the need to formalise business activities between both countries,” he said, while making the case for setting up the Joint Business Council.

He suggested that the NIPC should translate its Book of States to the French language facilitate the promotion of investment drive in French speaking territories.

This, he said, would enable Chadian businessmen to understand and appreciate Nigeria’s investment environment.

On his part, Nigeria’s Ambassador to Chad stated that he has been particularly interested in increasing the trade and investment between both countries, since he assumed office in January 2021.

Ambassador Sadique who was Nigeria’s former Chief of Air Staff said, “I think we can also look forward to how we can promote trade through cargo flights between both countries.”

The trade and investment relationship between Nigeria and Chad, which were majorly informal, predates the political independence of both countries.

The establishment of the Joint Business Council is expected to foster deeper bilateral relations between key public and private sector stakeholders in both countries and drive the actualisation of tangible investments which would drive economic growth and development.

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