Bdos: Trade ventures with Nigeria

Barbados and Nigeria now have a joint venture trade for the manufacturing of solar water heaters in Nigeria.
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Noting that Barbados did not have a double taxation agreement with Nigeria, the Minister said that by virtue of having established a commercial opportunity and presence in Nigeria, it was already driving the private sectors in Barbados and Nigeria to say to their respective governments that “this is a good commercial opportunity, but we’re going to be savaged by the horror of double taxation and therefore we need to get double taxation agreement in place”.

He explained: “The paradigm shift for us, is where we have moved from negotiating double taxation agreements purely through the Foreign Affairs component, to a point where we hope to negotiate double taxation agreements, the need for these agreements having been driven by existing commercial activity. Nigeria is an excellent example of how we hope to move ahead.”

The trade missions to Nigeria were involved in window shutters, recycling and producing plastic products out of recycled pet bottles.