Nigeria, Morocco economic groups explore new business opportunities

The Nigeria Economic Summit Group (NESG) and the Morocco counterparts, Confédération Générale des Entreprises du Maroc (CGEM) on Wednesday discussed areas of untapped business potentials between the two countries.

The meeting took an overview of the business opportunities in both countries. It also discussed the challenges and obstacles hindering business relationships in the continent.

In his welcome address at the business meeting held in Lagos, CEO, NESG, ‘Laoye Jaiyeola noted that much more could be done given the market and population size. He also reiterated Nigerian government’s readiness to provide an enabling environment for such relationship to thrive.

The President of CGEM, Mrs Miriem Bensalah Chaqroun showed her delight at the bilateral relationship between the two countries which is being given a boost by the reception from the Nigerian business community.

She mentioned such areas like renewable energy, agriculture,  IT, petroleum byproducts and the financial sector as some of the areas yet to be fully tapped into.

Director General of Lagos Chambers of Commerce and Industry,  Muda Lawal,  who was represented at the event, said Nigeria who is blessed with over 47 mineral resources has over 62 percent share of ECOWAS total GDP.  He also pushed for implementation of policies that would promote ease of doing business within the continent.

According to Alhaji Sidi Ali who represented the CEO of Nigeria Export Promotion Council, ‘Segun Awolowo, government is supporting exportations now by giving incentives.

He noted transportation challenges as a major draw back since there is no single shipping line for movement of goods, especially agricultural produce. He also advised investors to look into the non oil sectors, especially the manufacturing sector.

The Executive Secretary, Nigeria Investment Promotion Commission, Yewande Sadiku called for ease of movement within Africa countries. She also pushed for lower taxes and tarrifs.

The Morocco economic group are in Nigeria on a two day working visit. The team will be heading for Abuja on Thursday to meet top government functionaries to discuss the mutually beneficial relationship further.