Ambassador Kayode Garrick, Director, Board of Trustees Nigeria-Brazil Chamber of Commerce and Industry (NBCCI) has declared the bilateral between Nigeria and Brazil in 2012 is below potential.

Garrick in his presentation titled; “Bilateral Business between Nigeria and Brazil: The Way Forward” at a breakfast meeting organised by NBCCI in Lagos, revealed that the situation is as a result of the fact that Brazil exported goods worth $1 billion to Nigeria, while Nigeria exported goods worth $8 billion to Brazil.

He explained that although Nigeria has a trade surplus, about 96 percent of its export is represented by crude oil, while Brazil exports diversity of goods, adding that There seems to be a huge gap between Brazil export and Nigeria; the figure in 2012 closely deals with figures in 2011, 2010, 2009, 2008, they show that Nigeria had a surplus in its trade with Brazil.

Garrick from his analysis indicated that there is reason to worry for Nigeria’s $8 billion export to Brazil because 96 percent is represented by crude oil and this is not surprising hence our total dependence on oil valued at $1.9 billion 2012, representing 96 percent, adding that the Nigeria is greatly affected by lack economy diversification.

He further revealed that among Brazil exports to Nigeria are varieties thus; sugar $600 million; cereals, $160 million; organic chemical, $46.5 million; grains, $45 million; plastics, $36 million; paper, $22 million; and food items $8 million.”

 “I see in Brazil a minor, through which we can look at the opportunity we have in that economy, we can produce and import some of the products exported from Brazil. They have substantial opportunity in export technology to help in agricultural area and also in developing Oil & Gas Energy. We can learn a lot from Brazil,” he said.

“Business between both countries is below potential and there are a number of developments that I think will increase the tempo for development. Brazilian businesses try to be satisfied in paying attention to their own internal market, this provides good opportunity, but at the same time, I think any economy that is growing need to look outward,” he added.