Bulgaria, Nigeria deepen SME-led trade relations as bilateral volume hits $1.5 billion

The Bulgarian Ambassador to Nigeria, Yanko Yordanov, has highlighted the growing trade and investment ties between Bulgaria and Nigeria, noting that the partnership is being driven by small and medium-sized enterprises (SMEs) across both countries.

Speaking at a press conference in Abuja, Ambassador Yordanov described the relationship as one based on mutual interest and equal partnership, with trade volume now reaching $1.5 billion—a significant increase from the $42 million reported in 2023.

“This cooperation between Bulgaria and Nigeria is a cooperation between equals,” he said. “It is not dependent on a single commodity or large contracts but on millions of deals between SMEs, which are the backbone of the Nigerian economy.”

He emphasized that despite the positive trajectory, there remains untapped potential in several sectors. Key areas of growth include IT, creative industries, and general trade—sectors where both countries are strengthening cooperation.

The ambassador noted that regular trade missions and joint business forums, such as those hosted by the Lagos Chamber of Commerce and the Bulgarian Chamber of Commerce, have created platforms for deeper commercial ties. Bulgarian companies have also participated in trade fairs in Abuja and Lagos.

While the creative industries and IT sectors are becoming increasingly significant, Yordanov believes there’s room for agricultural exports to expand. Currently, Nigeria exports mostly fabrics and synthetics to Bulgaria, but work is underway to open channels for agro-products that meet EU quality standards.

“Nigeria is the land of opportunity,” he said, “and we’re working closely with Nigerian chambers of commerce to explore how best to harness these opportunities.”

Yordanov also praised Nigeria’s rich cultural heritage and tourism potential, recalling visits to 22 states, including experiences like the Derba ceremony in Katsina. He expressed optimism that Nigeria’s traditions would soon gain global recognition.

As his diplomatic tenure nears its end, Ambassador Yordanov thanked Nigerians for their warmth and hospitality, reiterating his belief that the growing collaboration between SMEs in both countries will continue to be the engine of bilateral trade.