UBA CALLS FOR STRONGER TRADE TIES BETWEEN NIGERIA AND BRAZIL

United Bank for Africa has called for stronger trade and economic ties between Nigeria and Brazil, highlighting opportunities for increased business and investment between both countries.

The bank said deeper commercial relations could support greater trade flows, investment and partnerships across key sectors of the two economies.

Nigeria and Brazil have maintained diplomatic relations and share economic interests in areas including agriculture, energy, manufacturing, infrastructure and financial services.

UBA noted that expanding trade between the two countries could create opportunities for businesses to access new markets and develop partnerships.

The bank also emphasised the importance of improving financial links and payment systems to make cross-border transactions easier for businesses operating between Nigeria and Brazil.

Stronger cooperation could also encourage Brazilian companies to explore investment opportunities in Nigeria while supporting Nigerian businesses seeking to expand into the Brazilian market.

The call comes as African countries continue to seek stronger economic relationships with emerging markets and other regions to expand trade and attract investment.

UBA said financial institutions have an important role to play in supporting businesses involved in international trade by providing financing, payment services and other banking solutions.

The bank urged stakeholders in both countries to explore opportunities for collaboration and address barriers that may limit trade.

Greater economic cooperation, it said, could contribute to increased business activity and strengthen commercial relations between Nigeria and Brazil.