KARACHI, Oct 30 Federation of Pakistan Chambers of Commerce and Industry President Sultan Ahmed Chawla has stressed the need for capitalizing the two-way trade potential with Nigeria.

During a meeting with the High Commissioner Designate to Nigeria Maj-Gen (retd) Asif Duraiz Akhtar at the Federation House on Thursday, the FPCCI president pointed out that Nigeria was destination of only 0.03 per cent of total Pakistani exports and despite being a viable market, there was no export of rice to that country.

As per trade figures for 2008-2009, Pakistani entrepreneurs exported apparel, textiles and yarn worth almost $23 million, manmade filament and yarn worth $14.62 million and pharmaceuticals worth $11.5 million.

He urged the HC designate to help recognise trade and investment opportunities in Nigeria and to ascertain their actual potential.

Asif Duraiz Akhtar said Nigeria has tremendous resources in oil and minerals. However, Nigeria was unable to fully capitalise on its resources due to civil strife.

He said that his aim was to facilitate the business community in enhancing trade with Nigeria.

The HC pointed towards the potential in pharmaceutical market of Nigeria where previously Indian companies were dominating. However, after a number of scams of fake medicines from India, the Nigerian people have become wary of Indian pharma products.