Nigeria and Jamaica sign agreements for economic co-operation

New frontiers of trade relations was opened when the Nigerian and Jamaican governments signed agreements sealing economic co-operation between both countries. In a communique that was signed by the leaders of both countries, it was agreed that Nigeria would send its experts to train Jamaican personnel on the process and technicalities in refining petroleum products.

Part of the agreement includes a directive to the central banks of both countries to work out measures that would facilitate mutual inter-bank transactions. In the agreement signed by President Olusegun Obasanjo for Nigeria and his Jamaican counterpart, Prime Minister Percival Patterson, it was agreed that the two countries would organise joint trade fairs to further explore the various trade opportunities available to both parties.
Related ministries and government agencies, the communique stated would be briefed on inter-relationships on the furtherance of the trade prospects between the two countries. Representatives of both countries had met at the beginning of the month ahead of Obasanjo's state visit to discuss the technical details of the trade cooperations.

While the Nigerian representatives were drawn from the NNPC, the Jamaican representatives were drawn from the Petroleum Corporation of Jamaica (PCJ). The two representatives examined the prospect of getting Jamaica to utilise Nigeria's LNG in generating energy for the country.
It would also tinker with the idea of using LNG to supplement or totally replace the energy source in the hauxite/aluminium sector of the Jamaican economy. Obasanjo described Nigeria as "a virtually gas nation," advising his Jamaican counterpart to have a direct contact with LNG producers in Nigeria so as to work out such matters as pricing, volume of export and the timing of delivery.