Trade between Bangladesh and Nigeria has surged past the $100 million milestone, marking a significant boost in economic relations between the two nations, according to Bangladesh’s High Commissioner to Nigeria, Masudur Rahman.
The trade volume, which previously stood at $50 million, has now doubled, reflecting growing interest from businesses in both countries to forge stronger partnerships. Speaking in Abuja at an event celebrating Bangladesh’s 54th Independence and National Day, Rahman highlighted key areas of collaboration, including ICT, agriculture, knitwear, government-to-state commerce, and defense training through academic exchanges.
Expanding Cooperation in the Blue Economy
Looking ahead, Rahman underscored Bangladesh’s commitment to expanding economic cooperation with Nigeria, particularly in the blue economy. He emphasized that both nations share a vision of inclusive growth, digital transformation, and sustainable development.
“Our people have common aspirations, and we are eager to deepen our engagement in areas that will drive mutual prosperity,” Rahman stated.
Representing Nigeria’s Minister of Foreign Affairs, Ambassador Wahab Akande reaffirmed Nigeria’s dedication to strengthening bilateral relations. He praised the progress made since diplomatic ties were established in 1976 and expressed optimism about future trade expansion.
Data from the Observatory of Economic Complexity (OEC) reveals that in 2023, Bangladesh exported $9.77 million worth of products to Nigeria, with raw tobacco ($4.28M), packing bags ($1.75M), and plastic sheeting ($1.39M) topping the list. Over the past five years, Bangladesh’s exports to Nigeria have grown at an annualized rate of 29.1%, surging from $2.72 million in 2018 to $9.77 million in 2023.
Meanwhile, Nigeria’s exports to Bangladesh saw an even more dramatic increase, reaching $56.8 million in 2023. The primary exports included petroleum gas ($48.9M), raw cotton ($6.12M), and soybeans ($902K). Over five years, Nigerian exports to Bangladesh skyrocketed at an annualized growth rate of 127%, jumping from $935K in 2018.
A Growing Economic Partnership
As Bangladesh and Nigeria continue to strengthen trade ties, both nations stand to benefit from increased economic cooperation, particularly in key industries. With a shared commitment to sustainable growth, digital transformation, and strategic investments, this trade relationship is poised for even greater expansion in the years ahead.
