The Abuja Chamber of Commerce and Industry (ACCI) and the Ukrainian Chamber of Commerce and Industry (UCCI) today signed a Memorandum of Understanding (MOU) for business cooperation.

 

Prince Adetokunbo Kayode signed on behalf of ACCI while the President of UCCI, Mr. Gennadiy Chyzhykov endorsed the Memorandum for the UCCI in Kiev-Ukraine during an elaborate ceremony which marked part of activities for the on-going Ukraine Export Week.

Speaking shortly before signing the agreement, Prince Kayode said that the Nigerian economy shifted into a lower gear in the first quarter of 2019, after a modest annual growth for three years up to 2018.

He said further said that the several steps taken by the Nigerian government to tackle the weak indices and to channel all our energies on the path of growth should be a point of attraction to Ukrainian investors.

“For instance our government has just raised the minimum wage by over 65%. And last month, the Presidency reappointed the Governor of the Central Bank Governor of Nigeria for another tenure, signaling a sign of confidence and continuity of the beneficial monetary and foreign exchange policy being implemented.

 

These moves are expected to stabilise our monetary policy, guaranteeing that forex will be available for all foreign trade commitments.

 

“The volume of trade between Ukraine and Nigeria in 2018 amounted to USD$106,45 million increasing by 11,3% in comparison with 2017. The trade balance for goods in 2018 is positive and amounts to USD$103,99 million. Something drastic has to be done urgently to improve this situation and increase trade between us.

 

“The desire to expand bilateral trade and economic cooperation, as well as establishing contacts between Nigerian Ukranian business community has been discussed severally at the highest levels of our Government during the meetings with your Ambassador, our key cabinet ministers, key agencies, our Chambers of Commerce, etc.

 

“During these meetings, it was clear that urgent steps must be taken to improve the situation by we business men and women here today and even by those who are not here, presently.

 

“But we must first appreciate the efforts of our diplomatic representatives in providing, on a regular basis, assistance to both Ukrainian and Nigerian companies in promoting their products and finding potential partners on both sides. And this is evident as in 2018 alone, not less than 70 Ukrainian companies were assisted in various ways to establish cooperation with Nigerian partners”, Prince Kayode stated.

 

Mr. Chyzhykov on his part said Ukraine pays special attention to developing deeper relations with Nigeria. The same goes for our Ambassador here.

 

He promised to do his best to promote trade and closer relations between the two countries while emphasising that under the framework of international relations, Ukraine considers Nigeria an important strategic partner, especially in the area of trade and investments.

By Lubem Gena