Nigeria and Hungary are to strengthen their bilateral ties with the signing of an Economic Cooperation Agreement (ECA) currently being written up by both countries.
Mr Samuel Ortom, the Minister of State for Industry, Trade and Investment and Mr Peter Szijjarto, the Hungarian State Secretary of Foreign and External Economic Affairs, stated this at a meeting on Tuesday in Abuja.
The News Agency of Nigeria (NAN) reports that Szijjarto is in Nigeria to push for closer cooperation between both countries as the Hungarian Government re-opened its embassy in Abuja on Tuesday.
At the meeting Ortom said Hungary's quest for closer ties with Nigeria was a further sign of the growing foreign investors' confidence in the country's economy.
He said Nigeria would leverage on the re-opening of the embassy and the proposed ECA to balance its trade deficit with Hungary.
According to him, the trade volume between both countries stood at $5.3 billion in 2012 with Nigeria at a disadvantage.
"Nigeria is a virgin land in almost all sectors of the economy. There are lots of opportunities here for the Hungarian government to explore with its advanced technology.
"In agriculture, Nigeria is very rich. More than 70 percent of the 923,000 square kilometre land mass we have is arable.
"What we need is processing and preservation of our agricultural products, and I believe we have a lot to benefit from you in this regard.
"This new initiative is also an opportunity for both countries to share trade information, hold business forums and trade fairs, and exchange technology to enhance business activities between us."
Ortom added that Nigeria needed Hungary's technology to further explore and exploit its vast solid mineral and oil and gas deposits.
According to him, massive opportunities are abound in the country's mass housing and construction sectors into which the government welcomes more foreign investments.
He commended the Hungarian government for offering an additional 50 scholarships to Nigerian students willing to study in that country where 701 Nigerians are currently receiving tertiary education.
Szijjarto said the Hungarian government believed Africa is one of the most rapidly emerging regions in the world where Nigeria plays a key role.
According to him, his country is aware of the tremendous economic achievements recorded by Nigeria in the last one year, including a 6.6 percent economic growth and a very low budget deficit.
"These are figures will be envied by EU countries, I can assure you.
"Hungary is very keen on signing the economic cooperation agreement with you and we understand that your ministry has approved the draft and we are awaiting the approval of your Ministry of Foreign Affairs."
The Hungarian delegation announced the offer of an additional 50 scholarships on behalf of his government to Nigerian students willing to study in his country.
The Hungarian government shut down its embassy in Abuja as a result of the global economic recession in 2010
The News Agency of Nigeria (NAN) reports that Szijjarto is in Nigeria to push for closer cooperation between both countries as the Hungarian Government re-opened its embassy in Abuja on Tuesday.
At the meeting Ortom said Hungary's quest for closer ties with Nigeria was a further sign of the growing foreign investors' confidence in the country's economy.
He said Nigeria would leverage on the re-opening of the embassy and the proposed ECA to balance its trade deficit with Hungary.
According to him, the trade volume between both countries stood at $5.3 billion in 2012 with Nigeria at a disadvantage.
"Nigeria is a virgin land in almost all sectors of the economy. There are lots of opportunities here for the Hungarian government to explore with its advanced technology.
"In agriculture, Nigeria is very rich. More than 70 percent of the 923,000 square kilometre land mass we have is arable.
"What we need is processing and preservation of our agricultural products, and I believe we have a lot to benefit from you in this regard.
"This new initiative is also an opportunity for both countries to share trade information, hold business forums and trade fairs, and exchange technology to enhance business activities between us."
Ortom added that Nigeria needed Hungary's technology to further explore and exploit its vast solid mineral and oil and gas deposits.
According to him, massive opportunities are abound in the country's mass housing and construction sectors into which the government welcomes more foreign investments.
He commended the Hungarian government for offering an additional 50 scholarships to Nigerian students willing to study in that country where 701 Nigerians are currently receiving tertiary education.
Szijjarto said the Hungarian government believed Africa is one of the most rapidly emerging regions in the world where Nigeria plays a key role.
According to him, his country is aware of the tremendous economic achievements recorded by Nigeria in the last one year, including a 6.6 percent economic growth and a very low budget deficit.
"These are figures will be envied by EU countries, I can assure you.
"Hungary is very keen on signing the economic cooperation agreement with you and we understand that your ministry has approved the draft and we are awaiting the approval of your Ministry of Foreign Affairs."
The Hungarian delegation announced the offer of an additional 50 scholarships on behalf of his government to Nigerian students willing to study in his country.
The Hungarian government shut down its embassy in Abuja as a result of the global economic recession in 2010
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