By Julius Mugaga Tukacungurwa/Umoja Standard.
Kampala, Uganda: During the Nigeria – Uganda Business and Investment Forum yesterday, H.E Ismail A. Alatise, the Nigerian High Commissioner to Uganda said it is sad that despite the historical and political relations between the two countries, trade between them is among the lowest intercountry, which he says must change.
“I engaged with the principals of my primary constituency – the Ministry of Foreign Affairs where we all agreed on the need to work toward improving trade relations between the two countries. The Hon. Minister, Gen. Jeje Odongo gave me his strong backing and requested his Director of Regional and Economic Cooperation to work with the High Commission in achieving this goal”. He revealed.
H.E Ismail A. Alatise, Nigerian High Commissioner to Uganda. Photo by Julius Mugaga Tukacungurwa.
The two countries have both a trade agreement and a Joint Permanent Commission, but H.E Alatise says the trade agreement needs to be revived as soon as possible.
It should be noted that Nigeria is Africa’s largest economy with a GDP of 440 billion dollars and a population of almost 250 million, presenting enormous investment opportunities in everything, according to Alatise.
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NIGERIAN HIGH COMMISSIONER TO UGANDA SPEECH
Meanwhile, Ambassador Nelson Ocheger, the Uganda High Commissioner to the Federal Republic of Nigeria said that the commission has a mandate to engage with public and private sector stakeholders, with the view of increasing interactions between our two countries, and ultimately increase the volume of trade, investment, and other forms of mutually beneficial cooperation.
Ambassador Nelson Ocheger, the Uganda High Commissioner to the Federal Republic of Nigeria. Photo by Julius Mugaga Tukacungurwa.
“While our two countries have enjoyed strong political relations since independence, trade figures between us remain dismal. It is time for us to work towards economic freedom and cooperation. According to statistics available, trade between Uganda and Nigeria stood at a paltry US$ 4.8 million, (mainly export of agricultural products, machinery and chemical products). Nigeria, on the other hand, exported to Uganda machinery, chemical products and textiles worth not more than US$ 2 million. There is no doubt that there is a huge potential for these figures to increase exponentially for the benefit of our peoples. We cannot be proud of these statistics after 60 years of political independence”. Said H.E Ocheger.
He added that both Uganda and Nigeria were instrumental in bringing into place the Africa Continental Free Trade Area (AfCFTA) which presents an opportunity for removal of bottlenecks to intra-Africa trade which Uganda is already leveraging on.
He noted that there are however challenges of transportation and connectivity but says to address this, Uganda Airlines has already secured a license to operate direct passenger and cargo flights from Entebbe – Lagos and Abuja.
“There is no doubt that direct flights between Uganda and Nigeria will go a long way to facilitate trade, tourism and investment between our two countries by reducing the time of travel and the cost of doing business. It will increase people-to-people interaction and transactions”. He stated.
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UGANDAN HIGH COMMISSIONER TO NIGERIA SPEECH
Minister of Trade, Industry and Cooperatives, Francis Mwebesa. Photo by Julius Mugaga Tukacungurwa.
Later on, Uganda’s Minister of Trade, Industry and Cooperatives, Francis Mwebesa mentioned that the business forum between the two countries is a huge opportunity in stimulating business transactions between two nations.
“We have things in common and especially we are well known on the globe as a country indulging in oil so our relationship must run as a bit of an example on how we run our oil”. Said Minister Mwebesa.
He believed that with direct route of Uganda Airlines to Abuja and Lagos, will be a great opportunity for the business community across two nations.
Ms. Olive Kigongo, President of Uganda National Chamber of Commerce and Industry, (UNCCI). Photo by Julius Mugaga Tukacungurwa.
Like other speaker, Olive Kigongo, the president of Uganda National Chamber of Commerce and Industry, (UNCCI) alluded to the fact that trade and economic relations had slowed down between two countries in addition to limited interests to revamp business engagements.
All she recommended was removing the barriers to trade like travel visa restrictions and expediting direct flights between two countries.
Amb. Akinemi Bolaji, the head of the Nigerian delegation at the Business Forum and the Director of Economic, Trade, and Investments at the Foreign Affairs Ministry assured that if Uganda’s business community initiate trade relations with Nigeria, they will access to 16 countries in the region that enjoy free trade with the country.
Amb. Akinyemi Bolaji, Head of Nigerian delegation at the Business Forum. Photo by Julius Mugaga Tukacungurwa.
He said, the trade and investment relations with Uganda will spur economic benefits and potentials and in order to encourage private capital inflow, they have developed fiscal investment incentives to encourage investments as in the Compendium of Investment Incentives by Nigerian Investment Promotion Commission and the Federal Inland Revenue Service.
These include,
Pioneer Status Incentive: To enable companies enjoy a Corporate Income Tax (CIT) holiday for 3-5 years. Dividends are also exempt from tax, VAT exemptions on some machinery, equipment and farm essentials, Import Duty Exemptions for specific agricultural products, Export Development Fund (EDF): To provide financial assistance to exporting companies to cover part of their initial expenses, with respect to export promotion activities and others.
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REMARKS AS THE HEAD OF NIGERIAN DELEGATION AT THE NIGERIA
Recently, Nigeria has launched a number of economic reforms under President Muhammadu Buhari, including a 10-year Nigeria Industrial Revolution Plan.
It involves establishing 109 agro-processing zones around the country, opening up warehousing facilities in different countries, and promoting value addition and export of 44 commodities from different sectors.
SIMPLE PICTORIAL OF OUTSTANDING EVENTS AT THE BUSINESS FORUM. All Photos by Photo by Julius Mugaga Tukacungurwa.
Participants are seen in a big number at the Business Forum.
(L-R) H.E Nelson Ocheger, Uganda’s High Commissioner to Nigeria and Ms. Julie Kigogo pay attention to information displayed on a giant screen.
(L-R) H.E Ismail A. Alatise, Nigerian High Commissioner to Uganda and Amb. Akinyemi Bolaji, Head of the Nigerian delegation at the Business Forum are seen smartly dressed.
Chief Michael Awunor, President of the National Mushroom Growers, Processors and Marketers Association of Nigeria (NAMGPMAN) is seen at the Business Forum.
Nigerian delegation is seen at the event.
Full house attendance at the Nugeria-Uganda Business and Ivestment Forum.
(R-L) H.E Ismail A. Alatise, Amb. Akinemi Bolaji, Chief Michael Awunor and other guests are seen at the Business Forum
(L-R), Uganda’s Minister of Trade, Industry and Cooperatives, Francis Mwebesa ,Ms. Olive Kigongo, President of Uganda National Chamber of Commerce and Industry, (UNCCI) & H.E Nelson Ocheger, Uganda’s envoy to Nigeria are seen at the Business Forum.