Nigeria and Bulgaria recorded a huge leap in bilateral trade in the first five months of 2024, Yanko Yoldarnov, Bulgaria’s envoy to Nigeria, has disclosed.

According to him, Bulgaria’s exports to Nigeria grew by 122 per cent and imports from the largest West African economy to Bulgaria – by 188 per cent, compared with the volume within the same period in 2023.

‘The figures sustained the trade surplus for Bulgaria,’ Yordanov stated during the annual InvestNigeria forum, organised by the Lagos Chamber of Commerce and Industry.

The forum, which is one of Nigeria’s biggest business events in 2024, was opened by Lagos State Governor, Babajide Sanwo-Olu, and the Minister of Marine and Blue Economy, Adegboyega Oyetola.

Also in attendance were the ambassadors of Belgium, Germany, Ireland, Israel, India, Kenya and Bangladesh.

Report of the event captured on the Bulgarian Embassy’s Facebook, quoted Yordanov as highlighting that in 2023, Sofia hosted the first Bulgaria-Nigeria Business Forum in decades.

The activ
ity, jointly organised by the Bulgarian and Lagos Chambers of Commerce and Industry, spurred a significant increase in trade between both nations.

The diplomat also highlighted as an important factor in the bilateral partnership, the development assistance provided by Bulgaria to build local Nigerian potential for the production of vaccines and other health products.

Source: News Agency of Nigeria