The Nigerian Tribune reports on Tuesday that the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the umbrella organization for chambers of commerce and the voice of Nigerian businesses, has considered it timely to formally establish bi-lateral relations and mutual cooperation with the private sector in Lebanon.

According to the Nigerian newspaper, the National President of the Association, Dr. Ignatius Adaji while leading a delegation of Organised Private Sector (OPS) from Nigeria to Lebanon said there is a discussion and execution of Memorandum of Understanding (MoU) with the Federation of Chambers of Commerce, Industry and Agriculture of Lebanon (FCCIA).

According to the Nigerian Tribune, Adaji said : “We have seen the various development projects embarked upon by the chambers which are geared at the growth and development of the private sector and the economy as a whole. We therefore, use this opportunity to emphasize our desire for various exchange programmes that could lead to technological transfer in the areas of agriculture, capacity building, and information technology development to mention just a few.”

He said the delegation take note of the incubation services and various support services provided by the Lebanon chambers. “We also invite more members from the Lebanesse community to come and invest in Nigeria. The Nigerian Government and NACCIMA are always ready to provide needed support and advice for genuine investors. Though Nigeria's relation with the Lebanesse dates back to several decades ago, we still look forward to more investments in the Nigerian economy. No doubt this cooperation would assist in the mutual development of our economies.”

The Nigerian Tribune quoted Ghazi Kraytem, the Chairman of Lebanese Chambers of Commerce, Industry and Agriculture who said during the signing in Lebanon of the bilateral agreement with the Federation of Lebanese Chambers and NACCIMA : “We in Lebanon are proud of the exceptional success that this community has realized in all business activities it has undertaken. This human connection between Lebanon and Nigeria adds the excellent historical relations that tie our two counties political and economical. We therefore deem to be our duty and responsibility to maintain and develop all aspects to these privileged relations." Ghazi Kraytem also said that over the past few years, the value of Lebanon imports from Nigeria has mostly remained under the one million dollar level, whereas Lebanon exports to Nigeria have traced a path of Steady growth, reached a peak of nearly $43 million last year. He said these figures should prompt the business communities in both countries to strive to develop bilateral trade in both directions and to the mutual benefit of both economies.