Abuja Chamber, Ukraine Chamber sign ‎MoU to raise trade volume to $2 billion

The Abuja Chamber for Commerce and Industry and the Ukraine Chamber of Commerce have signed a memorandum of understanding (MoU)to expand trade volume between both countries to $2 billion.

The trade volume between both countries currently stands at a little above $93.20 million, which industry experts say could be expanded with greater partnership between both countries.

Adetokunbo Kayode, president of Abuja Chamber of Commerce and Industry (ACCI), said on Friday at the Nigeria-Ukraine business forum that the initiative was part of efforts to strengthen the Economic Diplomacy Initiative launched by the federal government, geared towards bringing international communities into partnership with Nigerian businessmen and private sector.

“The federal government launched on Thursday, the Economic Diplomacy Initiative and Partnership, and the MoU signed between Abuja Chamber of Commerce and the Ukrainian Chamber of Commerce ‎kicks off the target of the federal government in linking international communities, their businesses and Nigeria’s private sector.”

‎Kayode said the purpose of the MoU was to bring the businesses of both countries together , especially in manufacturing, stating that “Ukraine has strong equipment,we have raw materials here. We are bringing them together to manufacture every of the value chain, in agriculture,agro-processing,metals and so forth”.
“We are looking at a minimum of $2 billion investments, and we are talking of manufacturing across the board,whether in health,agriculture,metals and household goods.”

“Nigeria is a net importer of virtually everything,which means if you attract the investors to bring in the equipment to manufacture here,you make lots of money,while creating jobs across the value chain,”Kayode said.

In his earlier remarks,Valerie Alexandruk, Ukrainian Ambassador to Nigeria, who led a delegation to the forum, said partnership between Nigeria and Ukraine would be better facilitated given that the Nigerian delegation had earlier visited Ukraine to cement a partnership.

HARRISON EDEH, ABUJA