Philippines looks at possibility of oil imports from Nigeria

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oil tanker

The Philippines is looking at the possibility of importing crude oil from Nigeria, the Department of Foreign Affairs said. This cropped after a meeting between Foreign Affairs Secretary Albert del Rosario and Nigerian Foreign Minister Olugbenga Ashiru at the DFA main office on Monday.

The oil import plan  was on their agenda, DFA spokesman Raul Hernandez  said.

Ashiru and his delegations composed of Nigerian Foreign Ministry officials met with del Rosario to enhance bilateral cooperation.

The talks focused on economic cooperation and investment opportunities, enhancement of people-to-people interactions, and in cooperation in combating transnational crimes, particularly drug trafficking.

“There is so much room for improvement in terms of increasing our trade and investment flows between our two countries,” del Rosario noted after the meeting.

The Nigerian Foreign Minister has also met top Filipino business executives from the telecommunications, manufacturing and airline industries to explore business opportunities and sustain the momentum in the on-going expansion of trade and investment flow between the two countries.

In 2012, Nigeria ranked as the Philippines’ seventh largest trading partner in Africa. It is a market for machinery, chemicals, transport equipment, manufactured goods, food and live animals.

Nigeria is one of the top performing economies in Africa. With a population of 174.5 million, it is the second largest economy in the African continent. Like the Philippines, it has been named by Goldman Sachs’ as one of the Next 11 economies to watch out for.

The Nigerian community in the Philippines is composed largely of students and businessmen, while most Filipino nationals in Nigeria are skilled, office and professional workers. There are  at least 7,200 Filipinos in Nigeria.

“Our nationals are contributing to the development of Nigeria in many areas across several sectors,” del Rosario said.

 

Information from Manila Standard Today was used in this report.