The volume of trade between Nigeria and Mexico rose from $166.5 million in 2012 to $600 million in 2016, Deputy Head of Mission of the Mexican Embassy, Rodrigo Tenorio, revealed in Abuja.

“Though the figure may be small but in reality it is a huge transaction that we have in the last 15 years which was $45 million. What that means is that it has grown more than 500 times and our aims and goal is to have it grow more. There are some similarity between Nigeria and Mexico, we are predominantly largest and young population and we are about power house of our region just as Nigeria in Africa.”, he added.

Nigeria is Mexico's 55th biggest trading partner globally and second in Africa after South Africa. The West African country’s main exports to Mexico include natural gas and sesame seeds while Mexico’s main exports to Nigeria include building materials, cement, machinery and electronics.

For his part, the Vice President of the Nigerian Mexican Chamber of Commerce and Industry (NMCCI), Chukwuemeka Elele, noted that Nigeria has a lot to learn from Mexico. “Before now 80% of Mexico’s revenue used to come from oil just like Nigeria and 20% from the manufacturing sector. However, today only 20% their revenue come from oil and 80% come from manufacturing and today the economy is doing very well. Nigeria is now treading the same path, understanding the fact that mono economy is dangerous, we can learn a lot from Mexico.”

Anita Fatunji