Nigerians have invested $1.7 billion in Canada – Trade commissioner

Posted by Admin April 26, 2024 Bussiness

Nigerians have invested .7 billion in Canada – Trade commissioner

The Acting Senior Trade Commissioner, Deputy High Commission of Canada, Dindembolo-Zaya Kuyena, has said that Nigeria is the largest African foreign investor in Canada. He revealed that Nigerians’ total investment in the country was $1.7 billion invested as of 2021.

Kuyena disclosed this on Thursday at a partnership event between a Canadian Company, SpeechLogix, and MTN Nigeria. The partnership aims to deliver a video conferencing platform for Small and Medium Enterprises (SMEs) called Meetings+, which leverages Zoom technology.

According to Kuyena, Canada has been actively collaborating with Nigeria on trade policy, including negotiation and agreements, to enhance market access and investment flow. He, however, noted that Canadian direct investment in Nigeria is still less than $500 million and the government is working to increase it.

Nigeria-Canada trade

The Deputy High Commissioner noted that the partnership between MTN and SpeechLogix is backed by the Canadian government to strengthen trade between the two countries.

“Without a doubt, Nigeria is one of Canada’s most important economic partners in Africa promoting trading investment from relationships between itself and Canada.
‘’In 2002, Nigeria became Canada’s second-largest trading partner in Africa with 2.2 billion in bilateral Merchants trade.
‘’Nigeria is also the largest African foreign investor in Canada with $1.7 billion from 2021 data. Canadian direct investment in Nigeria is estimated at approximately just under $500m and I am pushing for that to increase over the coming years.
‘’Nigeria’s economic diversification policy aligns well with that of Canada, and it’s important to note that it was mentioned in terms of your SME landscape,’’ he said.

Acknowledging the strength of SMEs in Nigeria which makes up over 60 percent of businesses in Nigeria, he said this is also very similar to the Canadian economic landscape, which is why this alignment and partnership are very important to Canada.

SMEs solution

Speaking on the collaboration with SpeechLogix to launch Meetings+, the General Manager, Business Enterprise at MTN, Mr Charles Okonkwo, said the aim is to provide Nigerian businesses with an innovative platform tailored to their needs.

According to him, the collaboration aligns with MTN’s broader strategy of transitioning from a telecommunications company (telco) to technology company (Techco).

“By offering innovative solutions like Meeting+, MTN aims to empower SMEs and contribute to the growth of Nigeria’s digital economy.
“MTN’s strategic shift from a traditional telecommunications provider to a technology company encompasses a multifaceted approach aimed at harnessing digital innovation to address evolving consumers’ needs and market dynamics,” he said.

Also speaking, the Head of Sales at SpeechLogix, Haitham El-Hanafi, said that the collaboration with MTN Nigeria and Zoom to develop Meetings+ was a strategic decision driven by its shared commitment to addressing the evolving needs of businesses.