By: Mnena Iyorkegh, Abuja
The Bulgarian Ambassador to Nigeria, Yanko Yordanov, has expressed satisfaction with the development of cooperation between Nigeria and Bulgaria in various sectors of trade and investment, IT, and creative industries, which are becoming increasingly important in the trade volume between the two countries.
Ambassador Yordanov who stated this at a press conference in Abuja, Nigeria’s capital, also noted that the trade volume between the two countrie has reached $42 million, marking a considerable increase from 2023.
“This cooperation between Bulgaria and Nigeria is a cooperation between equals. So, this is based on mutual interest in developing the business cooperation that enhance and give more opportunities for people-to-people contact, and that benefits both nations. Nigeria is our priority trade partner.
This is a partnership between equals that thrives on the basis of mutual interest, mutual respect, and creating opportunities for both sides. The trade volume between Nigeria and Bulgaria is $1.5 billion, which you see, if you compare it with 2023, is really a very considerable increase, but at the same time, the problem is that still there is an untapped potential in this area. We definitely work for a situation where this year we also increase efficiently and in a good number the trade volume
According to him, despite the growth, there are still untapped potential in the trade relationship between the two countries, which needs to be harnessed.
“Nigeria is the land of opportunity and also is a place where Bulgarians, of Bulgarian community, feels very close and we really see Nigeria as a partner, and I’m very glad that Nigeria also sees us as partner. The key areas of cooperation include regular trade missions between Bulgaria and Nigeria to enhance trade relations. There is growing cooperation in the IT sector, which is contributing to trade volume growth. The creative industries are also playing an increasingly important role in bilateral trade. We’ve organized several trade missions between Bulgaria and Nigeria, and many Bulgarian companies have participated in the Abuja and Lagos trade fairs. The Lagos Chamber of Commerce and Industry, jointly with the Bulgarian Chamber of Commerce, organized a Business Forum in Sofia,” Ambassador Yordanov said.
The Envoy noted that the trade relationship is not dependent on a single commodity or big contracts, but rather, on millions of trade deals between small and medium-sized enterprises (SMEs) from both countries.
“Basically, we don’t depend on one single commodity for this trade volume, or we don’t even depend on one single or few single big contracts. Mostly, if you see the statistics, you will see that actually those are millions of trade deals between small and medium enterprises from both countries. SMEs are the backbone of Nigerian economy. I’m very happy that we really developed a relationship that benefits not only the big companies with a lot of resources, which is also important, but also gives really a rise to cooperation between the SMEs”, The Envoy noted
The Ambassador highlighted the significance of investing in the tourism and creative sectors of both countries.
” Although I haven’t been in all 36 states, I’ve been to 22 out of 36 and I can easily say that Nigeria has a lot to offer in terms of experiencing a cultural wealth and richness of traditions. I was in Katsina for the Derba ceremony. I’ve been to so many places in Nigeria and what I can tell you definitely is that this is a place where you have a uniqueness of opportunities to show to tourists and including diplomats that Nigeria is more than just a giant of Africa, but this is just actually a place where there are many giants in terms of culture, in terms of heritage and I’m sure that this richness of traditions will be soon recognised at the global level as one of the leading forces”.
Speaking on Nigeria’s agricultural exports to Bulgaria, Ambassador Yordanov said that agro-products are not a significant part of Nigeria’s exports to Bulgaria, which are mostly fabrics and synthetics, he, however added that the Bulgarian side is working with Nigerian chambers of commerce to exchange information on how to harness the opportunities for exporting agricultural products.
“We are not there yet in terms of big quantities of Nigerian agricultural products going to Bulgaria, but we will follow EU directives for quality and quantity. I’m sure Nigerian products can easily fit into these criteria,” he added.
The Ambassador, who has few months to the end of his work in Nigeria, commended Nigeria for its hospitality and friendliness to all visitors.
He added that millions of trade deals within the SMEs are driving the trade relationship between the two nations.
