Standard Chartered Bank has reiterated its commitment towards facilitating trade relations between Nigeria and Singapore as trade between both nations rose by 25 percent from 2010 figures to S$481.5 million ($372.6 million), making Nigeria its 51st largest trading partner in 2011.
In a statement, the bank noted that exports from Africa’s second largest economy, accounted for 83 percent of the total trade value. Primary exports include refined petroleum products, heating and cooling equipment, and ship and boat parts, with Singapore’s main imports being base metal ores, followed by oil seeds and telecommunications equipment.
According to the bank’s statement, Standard Chartered is “ideally positioned” to facilitate key business introductions for the visiting delegates, as well as provide valuable insight into the dynamics of doing business in Nigeria and more broadly, West Africa.
The bank said it will be hosting representatives from 15 Singapore companies in Nigeria this week, part of the Singapore Business Federation’s (SBF) official tour to two West African economies, Nigeria and Benin.
The delegation aims to initiate and enhance commercial trade and investment links between West Africa and Singapore.
CEO of Standard Chartered Nigeria, Bola Adesola restated the bank’s position highlighting its “deep, local knowledge of both Africa and Asia” and how it will “continue to provide the necessary financial tools and strategic advice to Asian companies doing business in Africa – assisting sustainable economic development in both regions.”
“This is an excellent opportunity for us to showcase Nigeria and West Africa’s investment and growth opportunities. Standard Chartered is perfectly placed to facilitate and support Africa-Asia trade and investment corridors, and we are delighted to host Singapore business representatives in Nigeria, promoting business partnerships which stand to benefit the economies of both regions for many generations to come”, the CEO added.
As a strategic partner of the Singapore Business Federation and mission leader of the Singapore business delegation’s visit to Nigeria and Benin, Standard Chartered’s Singapore CEO, Ray Ferguson added, “Singapore companies cannot afford to ignore Africa from their expansion plans as the continent is now among the fastest growing regions in the world.
On the other hand, Singapore’s impressive attributes as a key regional trading centre, the world’s busiest port, and a top location for investments in Asia have also led companies in Africa to view Singapore as a gateway to the rest of Asia.”
“This is why in 2010, Standard Chartered formed a strategic partnership with the Singapore Business Federation for the establishment of the Africa Business Group (AFBG).” he quipped.