Nigeria-Bulgaria Business Exchange Platform Presented Online
NW 17:34:01 09-11-2021
DD1731NW.121
121 ECONOMY - BUSINESS PLATFORM - NIGERIA-BULGARIA
Nigeria-Bulgaria Business Exchange Platform
Presented
Online
Sofia, November 9 (BTA) - A Nigeria-Bulgaria Business Exchange Platform (NBBEP) was unveiled online to media from the two countries at the Bulgarian Embassy in Abuja on Tuesday, Ambassador Yanko Yordanov told BTA.
The media partners are the News Agency of Nigeria (NAN) and the Bulgarian News Agency (BTA). BTA live streamed the event.
The theme of the platform is "Bilateral Regeneration of Investment Opportunities for Economic Growth" and it will be launched formally on November 25. The online event scheduled for that date is organized by Nigeria's Ministry of Industry, Trade and Investment, in partnership with the Center For Entrepreneurial Exchange Development (CEED) Africa, with Bulgaria's support.
The NBBEP initiative is designed to consolidate the decades-old business relations between Nigeria and Bulgaria and to generate mutually advantageous business between their business communities. A real platform will be started for business people and industrialists to promote their projects.
NBBEP will allow Nigerian and Bulgarian participants to present their products and services and to make business contacts through high-level networking with a view to investments, B2B collaboration and matchmaking between Nigerian and Bulgarian investors.
There is a large untapped potential and various opportunities and good prospects for cooperation in the defence industry, energy, the food industry, agriculture, education and science, among others, BTA learned from the Asia, Africa, America and Australia Department of the Economy Ministry's Foreign Economic Policy Directorate.
Thousands of Nigerian alumni of Bulgarian universities, many of them holding respected positions in Nigerian society, form a bridge between the two countries, according to the Economy Ministry's desk officers for Asia, Africa, America and Australia.
Bulgaria provides competent technical assistance and involvement in building modern infrastructure in Nigeria. Nigerian companies use the skills of Bulgarian computer specialists, assemblers, doctors, power engineers and geologists, the Bulgarian Economy Ministry said.
Bulgarian-Nigerian relations are traditionally friendly and have developed on a stable and mutually beneficial basis for nearly 57 years, the Ministry commented, noting that Nigeria is a traditional and important trade and economic partner of Bulgaria in Sub-Saharan Africa.
For many years, several joint ventures with Bulgarian share capital have operated in Nigeria, specializing in design, consulting services and project supervision. Their direct involvement in construction slumped in 2016 due to a dearth of new large orders and the crisis with government subsidies in the sector, experts at the Bulgarian Economy Ministry said.
Between January and April 2021, Bulgarian exports to Nigeria increased by 39.1 per cent from a year earlier to 9.6 million US dollars, while imports from Nigeria rose by 9.7 per cent to 4.5 million dollars.
The main Bulgarian exports in the first four months of the year were carbonates, ammonium carbonate containing ammonium carbamate, which accounted for 48.8 per cent of exports; electric accumulators (26.2 per cent); and automatic data processing machines (10.5 per cent). Bulgaria also exported starch, ethyl alcohol, lactose, maltose and glucose. The main imports from Nigeria were cocoa beans, which accounted for 89.3 per cent of imports, and smaller amounts of charcoal, cotton yarn, Brazil nuts, cashew nuts and synthetic staple fibres.
In 2020, Bulgaria's top exports to Nigeria were petroleum oils (32 per cent), technical ammonium carbonate (27.1 per cent) and electric accumulators (19.2 per cent). Cocoa beans accounted for 85.9 per cent of imports from Nigeria, other imports being charcoal (5.5 per cent) and cotton yarn (4.9 per cent).
In 2019, petroleum oils again topped Bulgaria's exports with a share of 57.9 per cent, while charcoal accounted for 58.4 per cent of imports from Nigeria. The Economy Ministry said that in 2019, Bulgarian exports soared by 333.7 per cent from 2018 to 36 million dollars, while imports from Nigeria increased marginally by 5.9 per cent to 1.8 million dollars. ZH/DD
//
DD1731NW.121
121 ECONOMY - BUSINESS PLATFORM - NIGERIA-BULGARIA
Nigeria-Bulgaria Business Exchange Platform
Presented
Online
Sofia, November 9 (BTA) - A Nigeria-Bulgaria Business Exchange Platform (NBBEP) was unveiled online to media from the two countries at the Bulgarian Embassy in Abuja on Tuesday, Ambassador Yanko Yordanov told BTA.
The media partners are the News Agency of Nigeria (NAN) and the Bulgarian News Agency (BTA). BTA live streamed the event.
The theme of the platform is "Bilateral Regeneration of Investment Opportunities for Economic Growth" and it will be launched formally on November 25. The online event scheduled for that date is organized by Nigeria's Ministry of Industry, Trade and Investment, in partnership with the Center For Entrepreneurial Exchange Development (CEED) Africa, with Bulgaria's support.
The NBBEP initiative is designed to consolidate the decades-old business relations between Nigeria and Bulgaria and to generate mutually advantageous business between their business communities. A real platform will be started for business people and industrialists to promote their projects.
NBBEP will allow Nigerian and Bulgarian participants to present their products and services and to make business contacts through high-level networking with a view to investments, B2B collaboration and matchmaking between Nigerian and Bulgarian investors.
There is a large untapped potential and various opportunities and good prospects for cooperation in the defence industry, energy, the food industry, agriculture, education and science, among others, BTA learned from the Asia, Africa, America and Australia Department of the Economy Ministry's Foreign Economic Policy Directorate.
Thousands of Nigerian alumni of Bulgarian universities, many of them holding respected positions in Nigerian society, form a bridge between the two countries, according to the Economy Ministry's desk officers for Asia, Africa, America and Australia.
Bulgaria provides competent technical assistance and involvement in building modern infrastructure in Nigeria. Nigerian companies use the skills of Bulgarian computer specialists, assemblers, doctors, power engineers and geologists, the Bulgarian Economy Ministry said.
Bulgarian-Nigerian relations are traditionally friendly and have developed on a stable and mutually beneficial basis for nearly 57 years, the Ministry commented, noting that Nigeria is a traditional and important trade and economic partner of Bulgaria in Sub-Saharan Africa.
For many years, several joint ventures with Bulgarian share capital have operated in Nigeria, specializing in design, consulting services and project supervision. Their direct involvement in construction slumped in 2016 due to a dearth of new large orders and the crisis with government subsidies in the sector, experts at the Bulgarian Economy Ministry said.
Between January and April 2021, Bulgarian exports to Nigeria increased by 39.1 per cent from a year earlier to 9.6 million US dollars, while imports from Nigeria rose by 9.7 per cent to 4.5 million dollars.
The main Bulgarian exports in the first four months of the year were carbonates, ammonium carbonate containing ammonium carbamate, which accounted for 48.8 per cent of exports; electric accumulators (26.2 per cent); and automatic data processing machines (10.5 per cent). Bulgaria also exported starch, ethyl alcohol, lactose, maltose and glucose. The main imports from Nigeria were cocoa beans, which accounted for 89.3 per cent of imports, and smaller amounts of charcoal, cotton yarn, Brazil nuts, cashew nuts and synthetic staple fibres.
In 2020, Bulgaria's top exports to Nigeria were petroleum oils (32 per cent), technical ammonium carbonate (27.1 per cent) and electric accumulators (19.2 per cent). Cocoa beans accounted for 85.9 per cent of imports from Nigeria, other imports being charcoal (5.5 per cent) and cotton yarn (4.9 per cent).
In 2019, petroleum oils again topped Bulgaria's exports with a share of 57.9 per cent, while charcoal accounted for 58.4 per cent of imports from Nigeria. The Economy Ministry said that in 2019, Bulgarian exports soared by 333.7 per cent from 2018 to 36 million dollars, while imports from Nigeria increased marginally by 5.9 per cent to 1.8 million dollars. ZH/DD
//
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