Diversification takes root as Nigeria strengthens non-oil ties with Israel
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has joined forces with Israel to improve Nigeria’s non-oil sector, diversify its mono product economy and improve trade relations between the two countries.
In this partnership, Israel, which is reputed for hi-tech agriculture, is expected to transfer technology and know-how to Nigerian farmers, manufacturers and other players in the real sector to ensure that Africa’s largest economy experiences real economic diversification.
Bassey Edem, national president, NACCIMA, said the relationship between Nigeria and Israel had come of age and needed to be improved upon.
Edem said there had been a lot of exchanges between both countries in education, security, technology and agriculture, adding that these needed to be ramped up, considering Nigeria’s large demography and its position as Africa’s largest economy.
“In this period that the Nigerian government is working earnestly to diversify the economy, we wish to state that the State of Israel should take advantage of the several incentives that the federal government is providing for all the prospective investors that have decided to make our country their next destination. There are vast opportunities in the agricultural sector which Israel can use its comparative advantage to invest into,” the NACCIMA national president said.
He said the membership of NACCIMA cut across all sectors and covered every area of the economy, stressing that the association was ready to collaborate with Israeli embassy to promote bilateral trade between both countries.
Uriel Palti, Israeli ambassador to Nigeria, said Israel and Nigeria could collaborate in agriculture, security and other areas of the real sector.
“Israel is not a rich country, but we have the expertise on technology that can help. There is not a day that I do not get calls from people in Israel wanting to come here to invest. Business people on both sides should join forces together,” Palti said.
“Some Israeli companies are on hi-tech frontline. Israeli companies want to come to Nigeria and I think they want to give their know-how,” he added.
Dele Oye, vice president, NACCIMA, told Real Sector Watch that it was clear that oil was no longer sustainable, given the current vagaries in the global market.
According to Oye, the situation meant the country should take economic diversification seriously, stressing that Nigeria could gain a lot from Israel which had, amid desert and harsh climate, improved farming through technology.
“The right way to go is partnership,” he said.
“What we are looking at is trade. What is important is that some of our people have money but do not have the know-how. Meetings like this are meant to link money with know-how,” he said.
The NACCIMA VP further said if Nigeria could take advantage of Israeli’s proven technology, all countries in the world would scramble to buy from it.
ODINAKA ANUDU