A clear message has emerged from the recent Nigeria Open for Business event in Malaysia pushing Africa’s most populous nation to articulate new growth strategies around agriculture and agribusiness value chain to create jobs and reduce cost of living through bilateral partnerships and technical corporation.
Convened by the Malaysia External Trade and Development Corporation (MATRADE), emphasis at the meeting was on making Nigeria’s agro-allied industry more profitable by developing the competences needed to add value to raw materials, before export.
Nigeria exports agro produces (raw materials) to Malaysia and imports finished agricultural products. Nigeria’s import of palm oil from Malaysia hit 242,388 metric tons in 2018, data from the Malaysian Palm Oil Council (MPOC) show. Some experts attribute the increase in imports to the high population growth rate in the country and limited industrial processing capability. This trend can be reversed.
Michael Aderohunmu, president, Nigeria Malaysia Business Council said Nigeria needs a new narrative, which would be about attracting foreign direct investment from countries such as Malaysia. This will bring about technology transfers and the development of agriculture and agribusiness value chain to provide jobs for Nigeria’s youthful and teeming population.
Consensus view at the end of the Nigeria Open for Business was that more needs to be done to facilitate the flow of trade and investment between Nigeria and Malaysia.
Aderohunmu put emphasis on why Nigeria must articulate priority areas as formulated in Government Economic Recovery and Growth Plan (ERGP).
Malaysia is one of the world’s top trading nations, and interactions with minister of Primary Industry, some industry leaders and directors of Ministries, Departments and Agencies in Malaysia centred on trade and investment as major drivers in the agricultural and mining sector.
The emphasis was on the Nigeria-Malaysia Trade Corridor and how can Nigeria ride the tide of market economy through value addition and processing of our primary products to create jobs for Nigerians.
Experts at the event said to move forward and to remain relevant, Nigeria needs to be cognisant of global trade and investment trends; the trade war between the United States of America and China, Brexit and the European economy in order to build strategies around them.
The new agribusiness value chain development with Malaysia is expected to be a mutually beneficial strategy that offers significant opportunity for growth
