Nigeria’s Council of Ministers also known as the Federal Executive Council rose from its meeting on Wednesday, with approvals to sign bilateral agreements between it and Singapore and as well as Qatar.
The Minister of Information and Culture, Mr Lai Mohammed said the decision of the cabinet was key, in view of the importance attached to the agreements.
The Minister of Finance, Mrs Kemi Adeosun, who also briefed journalists soon after the meeting, said the countries concerned, would benefit a great deal from the agreements.
“The Federal Executive Council approved the Bilateral Agreement for the avoidance of double taxation between it and Singapore. The Objectives of the agreements are to facilitate more trade between Singapore and Nigeria and ensuring that citizens and enterprises from both countries are not taxed two times on income and profit derived from each other country.
It will encourage more Foreign Direct Investment into Nigeria. Singapore is a great trading partner with Nigeria, they buy oil from us. Petroleum export to Singapore for the last five years is about N264b. We import around N311b worth of goods from them”, she said.
With a close case of balance of trade, the Nigerian Minister of State for Aviation, Hadi Sirika said Singapore and Qatar have become strong friends of Nigeria during this recession period.
“Singapore is becoming the most efficient and biggest hub around far east part of the globe serving New Zealand, Australia, Japan, China, Malaysia, etc and we thought that with our efforts, we could also create a hub within Nigeria, the centre of Africa.
We will leverage on the opportunity to create air services between the two countries. And similar with the case of Qatar being in the Middle east, they have a robust aviation and carrier.”
The meeting of the Federal Executive Council was presided over by the Vice President, Professor Yemi Osinbajo as President Muhammadu Buhari is attending the global summit on the environment in Morocco