Bilateral Economic Cooperation Division is responsible for overseeing Nigeria’s International economic relations through regular consultation with federal economic ministries and agencies, the Division assist in monitoring the implementation of Nigeria’s international economic commitments. It provides political and diplomatic advice to them in the conduct of bilateral and multilateral economic relation with a view of protecting and promoting Nigerian’s national interest.

Specifically, the Division is charged with the following functions:

1.  
   1. general policy formulation in collaboration with other economic ministries of the Federal Government in those areas having external; implication;
   2. coordinating technical assistance from foreign countries;
   3. Promoting bilateral economic relations between Nigeria and other countries through the negotiation and implementation of trade and air services agreements, avoidance of doubt taxation agreements, economic scientific and technical cooperation agreement and organization Joint Commission sessions;
   4. Promoting economic and technical cooperation among developing countries ECDC,TCDC (spell in full);
   5. Monitoring relations with international economic and financial institutions, e.g. the World Bank, International Monetary Fund (IMF), the African Development Bank (IDB), etc.
   6. Back-stopping the activities of United Nations agencies such as the United Nations Conference on Trade and Development (UNCTAD), the United Nations Industrial Development Organization (UNIDO), the Economic Commission for Africa (ECA), the International Maritime Organisation (IMO), the Organization of Petroleum Exporting Countries (OPEC) and the World Trade Organization (WTO).
   7. Coordinating Nigeria’s relations with European Union within the framework of the defunct Lome Conventions and the New Partnership Agreement between Africa, Caribbean and Pacific Countries (ACP) and the European Union (EU).
   8. Monitoring developments in various commodity agreements and organizations such as the International Cocoa Agreement, International Coffee Organization, the International Rubber Agreement, Association of tin Producing Countries, African Timber Organization, etc.
   9. Facilitating visits of Trade/ Economic missions to Nigeria.
   10. Articulating and disseminating information on current government economic policies and the general investment climate in Nigeria to foreign investors through our missions abroad.
   11. Handling of trade complaints/disputes especially those arising from the activities of 419 fraudsters, etc.

A number of Joint Commission sessions were convened during the year 2005 with countries in Africa, Caribbean and South America. Negotiations were carried out and Agreements were signed during the meetings for the purpose of promoting international trade and foreign investment.

JANUARY 2005
During the visit of the Iranian President to Nigeria in January 2005, the under-listed Agreement was signed.

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  • Memorandum of Understanding (MOU) on Friendship and Cooperation between the Federal Republic of Nigeria and the Islamic Republic of Iran.
  • Memorandum of Understanding (MOU) on Industrial Cooperation between the Federal Republic of Nigeria and the Islamic Republic of Iran.
  • Agreed Minute on the facility extended by the Export Development Bank of Iran for Rehabilitation and Refurbishing of NEPA project. 

• Agreement on the Establishment of Nigeria-DRC Joint Commission;
• Cultural and Educational Cooperation Agreement;
• Agreed Minutes of the Inaugural Session of Nigeria-DRC Joint Commission;
• Issued Joint Communiqué at the end of the session.

-Hosted the 5th Session Of Services Agreement between Nigeria-Brazil Joint Commission, 19th-21st July, 2005;
-Reviewed the Bilateral Air Services Agreement between Nigeria and Brazil;
-Discussions on protocol of Implementation on Political, Trade, Technology,