Bulgaria has reported a remarkable surge in trade with Nigeria, with exports to the West African nation increasing by 122% and imports from Nigeria growing by 188% in the first five months of 2024 compared to the same period in 2023.
The impressive growth has resulted in a trade surplus for Bulgaria, according to the Bulgarian Ambassador to Abuja, Yanko Yordanov.
Ambassador Yordanov presented these figures at the annual InvestNigeria forum, organized by the Lagos Chamber of Commerce and Industry.
The forum, a major business event in Nigeria, was inaugurated by Lagos State Governor Babajide Sanwo-Olu and the Minister of Marine and Blue Economy, Adegboyega Oyetola.
The event also saw the participation of several international diplomats, including ambassadors from Belgium, Germany, Ireland, Israel, India, Kenya, and Bangladesh.
In his speech, Ambassador Yordanov emphasized the significance of the bilateral trade growth, noting that it reflects a strong and expanding economic relationship between the two countries.
He credited the establishment of the Bulgaria-Nigeria Business Forum in 2023, held in Sofia and organized by both the Bulgarian and Lagos Chambers of Commerce, as a key factor in this positive trend.
The Ambassador also highlighted Bulgaria’s commitment to supporting Nigeria’s development, particularly in the health sector.
He pointed to the assistance provided by Bulgaria in building local Nigerian capacity for vaccine production and other health products as a crucial element of their partnership.
“This increased trade is a testament to the strengthening economic ties between Bulgaria and Nigeria. The collaborative efforts from both governments and businesses have been pivotal in achieving these results,” said Ambassador Yordanov.
The forum provided a platform for further discussions on enhancing economic cooperation and investment opportunities between Bulgaria and Nigeria.
With the continued growth in trade and investment, both countries are poised to deepen their economic relationship, driving mutual benefits and fostering sustainable development.
In a related development, investors from Nigeria and Turkey are actively exploring new areas of investment through joint ventures and technological partnerships to boost bilateral trade.
The initiative was highlighted at the recent Turkiye-Nigeria Business and Investment Forum held in Lagos, organized by the Mind Shift Empowerment and Employment (MEE) initiative.
Daniel Deji Ayodele, founder of MEE and convener of the forum, stated that the summit’s primary goal is to enhance trade and investment ties between the two nations.
