Iran and Nigeria have agreed upon establishing a joint economic committee aiming to boost cooperation in various areas like trade, investment, agriculture, and technology transfer.

As reported, the decision was made during a meeting between the Nigerian President Muhammadu Buhari and Iranian Vice President for Economic Affairs Mohammad Nahavandian, on Friday in Malabo, Equatorial Guinea.

The officials met on the sidelines of the 5th Summit of Gas Exporting Countries Forum, GECF.

Speaking in the meeting, Mr Nahavandian referred to the two countries’ great potentials for expanding economic ties, saying, “A lot can be done. We can do miracles. We have the vision.”

He suggested four major areas – petrochemicals, power, irrigation agriculture and industry – for economic cooperation between the two sides.

Mr Buhari, for his part, said he was impressed with the speed in the transformation of the Iranian oil and gas industry compared to the time when he was Nigeria’s petroleum minister in the 1970s.

He said, “I will work very hard to realize the establishment of the joint committee. We will go back and identify sectors of common interest.”

“In particular, we are interested in how you utilized your gas, with 95 percent of your national population wired to gas”, he stated.
“The evolution of our gas industry is too slow. We are still flaring gas. I will work with you on how to harness and utilize our gas. I am very impressed”, the official added.