14 October 2014 - The Nigerian Minister of State for Finance, Ambassador Bashir Yuguda, received Philippine Ambassador Alex V. Lamadrid on October 13 at the Federal Ministry of Finance to discuss collaborative and cooperative activities in strengthening Africa-Asia relations, including Philippines-Nigeria relations.

Ambassador Lamadrid apprised the Minister on the increasing investments by Filipino companies in Nigeria, but noted that much still has to be done in improving trade relations. Ambassador Lamadrid also informed the Minister that while the Double Taxation Treaty had been ratified by both countries, a review and updating of the said treaty was necessary as recommended by the Nigerian Ministry of Finance during the Joint Commission Meeting last December 2012.

The Minister, together with the Accountant-General of the Federation, also expressed interest in how the Philippines carries out its public sector accounting, particularly the Philippines’ compliance with the International Public Sector Accounting Standards (IPSAS), and noted that a meeting with the concerned Philippine agency will be valuable in eliciting the country’s best practices.

The Minister plans to include the Philippines in a roadshow to help drum up for support for Nigeria’s various development programs. Ambassador Lamadrid welcomed the idea as it is seen as forging better relations between the two regions. END