The Bulgarian Ambassador to Nigeria, Yanko Yordanov, has praised the deepening trade collaboration between Bulgaria and Nigeria, particularly in sectors such as investment, information technology, and the creative industries. Speaking at a press conference in Abuja, the ambassador highlighted the growing importance of these areas in boosting trade volumes between the two nations.
Ambassador Yordanov revealed that bilateral trade has reached $42 million, reflecting a significant increase from 2023. He emphasised that the partnership between the two countries is grounded in equality and mutual respect, and noted that Nigeria remains a priority trade partner for Bulgaria.
“This cooperation between Bulgaria and Nigeria is a cooperation between equals… Nigeria is our priority trade partner,” he said.
Despite the progress, the ambassador acknowledged that there is still considerable untapped potential in the trade relationship. He underscored the importance of continuous efforts to expand and strengthen trade ties, including regular trade missions and increased business engagements.
“Nigeria is the land of opportunity and also is a place where Bulgarians… feel very close,” he added, pointing to expanding cooperation in IT and creative industries. He also mentioned the involvement of Bulgarian companies in major trade events in Abuja and Lagos, and the joint business forum recently held in Sofia by the Lagos and Bulgarian Chambers of Commerce.
Ambassador Yordanov highlighted that the growing trade volume is not reliant on a single product or large contracts. Instead, it is driven by millions of smaller transactions between SMEs from both countries. He praised the role of SMEs in enhancing bilateral ties, calling them the backbone of Nigeria’s economy.
“Basically, we don’t depend on one single commodity… those are millions of trade deals between small and medium enterprises from both countries,” he said.
In addition to trade, the ambassador expressed enthusiasm about Nigeria’s tourism and cultural appeal, noting that he has visited 22 of the country’s 36 states. He described Nigeria as rich in traditions and cultural heritage, with vast potential for global recognition.
“I’ve been to so many places in Nigeria… this is a place where there are many giants in terms of culture, in terms of heritage,” he said.
On the topic of agricultural exports, Ambassador Yordanov admitted that Nigerian agro-products have yet to form a significant portion of exports to Bulgaria, which are currently dominated by fabrics and synthetics. However, he said both sides are working closely to explore opportunities in agricultural trade, ensuring compliance with EU standards.
“We are not there yet in terms of big quantities of Nigerian agricultural products going to Bulgaria… I’m sure Nigerian products can easily fit into these criteria,” he stated.
With only a few months remaining in his diplomatic post, the ambassador expressed gratitude for Nigeria’s warm hospitality and reiterated the vital role SMEs continue to play in enhancing trade relations between the two countries.