Nigerian, Malaysian Trade Now $845.6m

The Malaysian High Commissioner to Nigeria, Gloria Tiwet has said that the value of bilateral trade between both countries increased to $845.6 million in 2020 despite the COVID-19 pandemic, which disrupted global trade.

Tiwet stated this at a meeting with the Nigerian alumni of Malaysian Technical Cooperation Programme (MTCP) in Abuja.

Malaysia’s main exports to Nigeria comprise petroleum products, palm oil and palm-based products, machineries and processed food while Nigeria’s main exports to Malaysia are crude petroleum and liquefied natural gas, iron ore and agricultural goods.

Nigeria is Malaysia’s third largest trade partner among African countries for the year 2020 after South Africa and Cote D’Ivoire. It has also become the largest source of African students in the Asian country.

Commenting, she said, “My posting to Nigeria has been very rewarding. Relations between Malaysia and Nigeria are very cordial and dynamic. Having good relations with Nigerians made it possible for us to achieve greater heights.

“The volume of our bilateral trade in 2020 was $845.6m and in 2019, it was $699.0m, meaning that there is an increase of $146.6m.

“This is as a result of sheer determination and commitment of the business community in both countries. I commend the Nigerian business community for networking with their Malaysian counterparts.”

She also disclosed that over 400 Nigerian officials have benefited from various capacity building programmes under MTCP out of the over 34,000 persons trained since the inception.