Kenya plans promoting trade investment with Nigeria
The Kenya Government has declared plans to promote greater trade and investment with the Nigerian Government which is aimed to strengthened economic ties and increase trade volumes between the two countries.
Penpushing reports that the second Vice President of Kenya National Chambers of Commerce and Industry, Fatimah El Maawy made this known when the Economic Community of West Africa (ECOWAS) Federation of Business Women Entrepreneur (FEBWE) Nigeria led by National President Iyalode Alaba Lawson paid a courtesy call at the Kenya’s Commerce Headquarters.
The Kenya Chambers boss explained that noted that Kenya and Nigeria are both important players in their respective regions, with Nigerian being the largest economy in Africa and Kenya being a major economic hub in East Africa.
Penpushing further reports that Maawy emphasized that as such, there are many opportunities for trade and investment between the two countries, but however, noted that there are some challenges to increasing trade between the two countries, including differences in regulations and standards, high transportation costs, and a lack of direct flights between the two countries.
‘One area of potential growth is in the agricultural sector, where Kenya has a competitive advantage in horticultural products and tea, while Nigeria is a major producer of cocoa and palm oil. There is also scope for increased trade in manufactured goods, particularly in the areas of textiles, footwear and processed foods’, she said
Penpushing also reports that Maawy disclosed that in addition to trade in goods, there is also potential for increased cooperation in the services sector, particularly in the areas such as financial services, technology and tourism
‘There are already some Nigerian companies operating in Kenya, such as Guaranty Trust Bank, while Kenya firms such as Equity Bank and Safaricom have also expanded into Nigerian market. To facilitate trade and investment, both governments have taken steps to reduce barriers and promote greater cooperation’, she added
Penpushing reports that Maawy recalled that in 2019, Kenya and Nigeria signed a bilateral agreement to strengthen economic ties, while the two countries also participate in the Africa Continental Free Trade Agreement (AfCTA) which aims to create a single market for goods and services across the continent
The President of Economic Community of West Africa (ECOWAS) Federation of Business Women Entrepreneur (FEBWE) Nigeria, earlier in her speech said the Federation was in the East country on trade missions and business development tours
Penpushing further reports that Lawson explained that the West Meets East Africa is designed to instigate the mainstreaming of Women Entrepreneurs into international trade, adding that this is by providing suitable avenues for their match-making, market access and towards business linkages that will foster intra Africa trade and promote exports.
The women leader in Nigeria added that the programme organized by Compass Global in partnership with Economic Community for West Africa States (ECOWAS) and Federation of Women Business Entrepreneurs (FEBWE) and host of other strategic partners
‘A key outcome of the process is to facilitate networking, collaboration and partnerships between the West Africa. Women entrepreneurs, and their regional and international counterparts to promote intra Africa trade, and partnerships between the regions against the backdrop of AfCFTA”, Lawson added
Penpushing further reports that she pointed out that the West Meets East Trade Mission was also uniquely positioned to engage participants with counterparts across sub-region for vital learning, exchange of ideas, and critical market intelligence to prepare them for leverage Africa Continental Free Trade Area (AfCFTA), and to fast track their market access into East Africa and other regions
The Nigerian team leader thanked the Kenya National Chambers of Commerce and Industry (KNCCI) for the support towards aimed to strengthen economic ties and increase trade volumes between the two countries.
Penpushing also reports in attendance at the meeting alongside the 2nd Vice President of Kenya National Chambers of Commerce and Industry include: Charles Kahuthu(Regional Coordinator East African Chamber of Commerce Industry and Agriculture, Diana Onditi(Communications Officer Kenya National Chambers of Commerce and Industry) and Catherine Wairimu(Customer Relations Kenya National Chambers of Commerce and Industry) among others
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