Nigeria, Netherlands meet to modernise existing trade agreements to boost ties

The Nigerian Government and the Kingdom of Netherlands have engaged in an Economic Consultation to modernise the existing bilateral investment treaty between both countries.

The move is to strengthen economic interests and opportunities in both countries.

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr Evelyn Ngige stated this at the first round-table negotiation on the investment promotion and protection agreement between Nigeria and the government of the Kingdom of Netherlands in Abuja.

About 35 Heads of departments, agencies and the organised private sector were part of the Nigeria-Kingdom of Netherlands economic consultation meeting.

The two day technical meeting is looking into economic Cooperation between the two countries, the investment promotion and protection agreement, avoidance of double taxation agreement and other legal framework that could promote sustainable economic growth

The kingdom of Netherlands is one of the 5 biggest trading partners with Nigeria, a partnership that predates Nigeria’s independence

At a technical session, the government of Nigeria and the Dutch is starting the renegotiation of the bilateral investments treaty as a means to further strengthen mutual economic interests and opportunities

Currently export between Nigeria and the Netherlands is about 2.84Billion dollars (Source: UN database for international trade)

Investment volume from Netherlands to Nigeria’s private sector is about 9Billion pounds, while to Government it is about a hundred million Pounds

Different sectors in the country also take time to talk about the importance of investments in their sectors

The DG of NIMASA says investment in the maritime sector could fetch Nigeria enough returns to be a source of revenue for the country

Netherlands plans to invest in Agriculture, IT, Healthcare, Renewable energy and other sectors that will add value to our mutual interests