The Consul General, Consulate General of Brazil, Mr Francisco Carlos Liz, says the bilateral trade between Nigeria and Brazil has grown by 30 per cent since 2019, adding that the two countries are experiencing a trade balance.

The ambassador was quoted as revealing this at the Nigerian-Brazilian trade mission awareness and interactive session organised by Visions and Dreams Nigeria Limited at the Brazilian Embassy, Victoria Island, Lagos recently.

The event, titled, “Hair Brazil and Beauty Products”, brought together stakeholders on cosmetics preparatory to an exhibition that will take place in Sao Paolo, Brazil.

The Brazilian ambassador, who spoke on the improving trade relations between both countries, said, “Trade is beneficial to both Nigeria and Brazil. Incredibly, despite the pandemic, our bilateral trade grew by almost 30 per cent from 2019 till now. We are reaching the level of 2008 but it is still way below the era of oil export to Brazil.

“Our trade is completely balanced. We sell $700m to and we buy $700m from Nigeria. In this case, everybody benefits as there is no huge surplus to either side. In this kind of niche market, Brazil is the second biggest market for cosmetics in the world after United States.”

The Chief Executive Officer, Visions and Dreams Nigeria Limited, Mac Alexander, said the company had put the programme together to enhance trade activities between both countries.