Bilateral trade between Nigeria and the Philippines surged from $47 million in 2023 to $221 million in 2024, marking a 370 per cent increase, according to the Philippines’ Ambassador to Nigeria, Mersole Mellejor.
Mellejor disclosed this in Abuja during an interview with the News Agency of Nigeria (NAN) on the sidelines of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Youth Entrepreneur National Youth Summit 2025.
The summit, themed “Fostering Youth Innovation and Green Skills for Growth and Global Stability,” brought together industry leaders, lawmakers, diplomats, and youth entrepreneurs to discuss sustainable development and enterprise-driven transformation.
According to the envoy, the sharp rise in trade volume was largely driven by Nigeria’s exports, particularly Liquefied Natural Gas (LNG), which accounted for more than 90 per cent of the Philippines’ imports from Nigeria.
“This trade is tilted in favour of Nigeria, but it benefits the Philippines by strengthening our energy security,” Mellejor explained. “Our main petroleum imports traditionally come from the Middle East, but Nigeria has now become a competitive and stable alternative source.”
He described Nigeria’s role in meeting the Philippines’ growing energy demand as vital, noting that the stability of Nigeria and the wider African region made the partnership attractive.
Beyond trade, the envoy expressed his commitment to strengthening diplomatic ties, especially in education and youth entrepreneurship. He recalled that relations between both countries dated back to 1961 and highlighted the presence of about 4,000 Filipinos contributing to Nigeria’s economy.
Commending President Bola Tinubu’s economic agenda, Mellejor said Nigeria’s goal of building a $1 trillion economy by 2030 was “realistic and achievable” given the country’s resources and youthful population.
“I am convinced that the vision of achieving a $1 trillion economy in the near future is not only possible but realistic if all stakeholders work together,” he said.
He also praised NACCIMA for convening the summit, stressing the need to unlock the potential of youth entrepreneurs for national development.
NACCIMA President, Dr. Jami Ibrahim, echoed this view, urging government and stakeholders to prioritise youth-driven innovation, digital transformation, and robust policy frameworks as the pathway to achieving the trillion-dollar economy target.
