Nigeria is Australia's 51st largest trading partner accounting for less than one percent of Australia's bilateral trading relationship.
Total trade with Nigeria amounted to $895m in 2017. Major exports included wheat, edible products and paper.
Bilateral investment between Australia and Nigeria is minuscule, meaning opportunities abound in Australia Market for Nigeria’s.
Australia is the ninth-most-productive country by GDP per hour worked (55.87 USD).
Between 2016 and 2017, Australia and Nigeria enjoy a prosperous trade relationship. According to the Nigerian Investment Promotion Commission (NIPC)’s stats on Australian trade transactions, trade between the two countries was worth approximately 100 billion Nigerian naira (equivalent to AUD$343 million).
Now the Australia/Nigeria Trade Partnership Has Grown Strong . Australia has heavily invested in Nigeria – and in the continent of Africa as a whole – because of its mining and oil activities.
Australia is the ninth-most-productive country by GDP per hour worked (55.87 USD).
Between 2016 and 2017, Australia and Nigeria enjoy a prosperous trade relationship. According to the Nigerian Investment Promotion Commission (NIPC)’s stats on Australian trade transactions, trade between the two countries was worth approximately 100 billion Nigerian naira (equivalent to AUD$343 million).
Now the Australia/Nigeria Trade Partnership Has Grown Strong . Australia has heavily invested in Nigeria – and in the continent of Africa as a whole – because of its mining and oil activities.
According to The Sydney Morning Herald’s report on Australian mining companies, in 2017, Australia became the biggest international miner on the African continent.
Collectively, the 140 Australian companies mining resources in Africa have invested more than $40 billion on the continent over the last decade.
There’s also the issue of oil. Australia’s oil refineries import approximately 83% of their crude oil from international countries with more than a dozen international sovereign ties making up this figure. 18% of that crude oil comes from the African continent alone, with Nigeria being one such source of this African oil.
How the Australia/Nigeria Trade Partnership Could Shift to favor Nigeria's,the trade partnership between the two countries has held strong over the years.
On a positive note, Australian firms are being encouraged to invest in Nigeria outside of the mining and oil sectors. Logistics, transport, food, health, Agriculture, Electrical Electronics,,Infrastructural Development and finance have all been highlighted by the NICP as areas where Australian businesses have strong reputations and therefore would provide an ideal opportunity for Nigerian investment.
Nigeria, given the online infrastructure, could also use e-commerce to sell its local goods to Australia. This could be especially effective given the high level of e-commerce transactions that take place in the region.
On a positive note, Australian firms are being encouraged to invest in Nigeria outside of the mining and oil sectors. Logistics, transport, food, health, Agriculture, Electrical Electronics,,Infrastructural Development and finance have all been highlighted by the NICP as areas where Australian businesses have strong reputations and therefore would provide an ideal opportunity for Nigerian investment.
Nigeria, given the online infrastructure, could also use e-commerce to sell its local goods to Australia. This could be especially effective given the high level of e-commerce transactions that take place in the region.
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