Nigeria and Brazil are to open talks on prison exchange between both countries, among other agreements to be looked into, it was learnt Thursday.
This is as both countries lamented the effect of economic recession on the volume of trade, which has drastically dropped from about $14 billion dollar a year to $2 billion.
At a joint press briefing Thursday, Mr. Geoffrey Onyeama and Mr. Aloysio Nunes Ferreira Foreign Affairs Minister of Nigeria and Brazil respectively said the robust trade relation has been negatively impacted upon by the economic recession.
Fereira who said that the trade volume between the two countries was two billion dollars in 2016 said that some years back it was about 12billion dollars.
He said that the volume of trade crash due to economic crisis resulting from fall in the price of crude oil among other factors.
“Volume of trade is two billion dollars but some years back it was about 12 billion dollars and has now decrease because of economic crisis.
“This is what we are trying to revive so that Nigeria and Brazil trade relations can start to grow again,” he said.
He said that partnership between the two countries was a unique one which was not just only on economic
“Our partnership is strategic as it is not only on trade it is historical and cultural.
“We have cooperation in investment; we just had conference of Nigerian-Brazilian investors in Lagos which aimed at boosting the prospect possibilities of partnership and investment in the country.
“Some of them have already started yielding very good result,” he said.
Earlier, Onyeama had said that there were plans to improve the balance of trade between two countries.
The Minister said that the two countries would work together to strengthen their bilateral relations.
He said that Nigeria was also looking at partnering with Brazil in the area of food production.
“As you know Brazil is one of the largest food producers in the world. We have different areas through which Nigeria and Brazil can really cooperate in the agricultural sector.
He said that Nigeria could learn a lot in the area of research and production of food which could be done through a number of programmes being run by Brazil.
“They also have a number of interesting programmes in assisting interesting countries in food production and making food available.
“So we are looking to benefiting from that especially in the area of life stock and other food produce.
“We did discuss the possibilities of how to take part in the very effective food programme,” he said.