Minister of Finance Kemi Adeosun said the volume of trade between Nigeria and Singapore reached 846 billion naira from 2011 to 2015 while the absolute balance of trade was 222 billion naira in favour of Nigeria.
She announced this in Abuja at the signing of an agreement on avoidance of double taxation with Singapore.
The balance of trade net of petroleum export stood at 42 billion naira in favour of Singapore, while the volume of Foreign Direct Investment from Singapore to Nigeria between 2010 and March 2015 was 908.8 million dollars.
She said Nigeria’s relations with Singapore had been on the increase since 2012, culminating in the first Nigeria-Singapore Business and Investment Forum in 2013.
She said negotiations for the agreement on avoidance of double taxation was held in Singapore in October 2013 but was concluded in October 2014.