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The rise and rise of Bangladesh
– Saluting the “Amazing Accomplishments of Bangladesh at 50th Anniversary of Independence”, as NigeriaBangladesh Business and Technology Forum (NBBTF) parleys with
Bangladesh High Commissioner Designate to Nigeria, His Excellency, Masudur Rahman in Abuja.
– Bob Achanya with reports from Raphael Mbaiorga
The High Commissioner Designate H.E. Masudur Rahman with the NBBTF members during the Parley.
The Nigeria Bangladesh Business and Technology Forum (NBBTF) penultimate March 18, 2021, saluting
the “Amazing accomplishment of Bangladesh at the 50th Anniversary of independence in a parley with the Bangladesh High Commissioner Designate to Nigeria, His Excellency, Masudur Rahman in Abuja.
Masudur Rahman whose first post was during his early twenties had served in Bahrain and Dubai and as
the Minister and Deputy Chief of Mission in the Embassy of Bangladesh in Beijing, China before his
posting to Nigeria.
During the event, the President, Board, members of NBBTF as well as the High Commissioner Designate all eulogized the Father of the Bangladeshi Nation, Bangabandhu Sheik Mujibur Rahman for his great
and long sighted foundational efforts and praised the present leadership to build a Golden Bengal, as
envisioned.
He gave a mind blowing narrative of the change from the former US Secretary of State, Henry Kessinger’s “Basket Case” ts the “Development Model” Bangladesh has become in five decades.
He concludes that NBBTF is poised to pitch Nigeria and Bangladeshi trade, business and technology sectors for the heights while urging the Nigerian government to immediately, establish a reciprocal embassy in Dhaka and also reestablish the Nigeria Bangladesh Commission envisioned at the beginning of the diplomatic relations which has blossomed in favor of Nigeria to date.
Bangladesh is a sovereign country in South Asia with a total land area of approximately 130, 170 sq km.
Bangladesh got its independence in the year 1971 after a brief war and it is the 8th most populated
country in the world at over 160million people. It ranks as the fifth most populated in Asia with its
capital Dhaka been the largest city in the country.
One of the longest beaches in the world – the Cox Bazar beach (75 miles long) is located in Bangladesh
which also prides itself with the largest mangrove forest worldwide. Due to its performance in the SDGs,
Bangladesh has a well developed primary healthcare system with the rural areas well served with health
facilities to cater for rural needs with a resultant high life expectancy of 72 years for men and 76 years
for women. As at 2020, Nigeria maintains 59 years for men and 62 years for women.
Bangladesh’s 50 years of independence can indeed, be celebrated with great viral gusto.
The Japanese,
Chinese and Canadian governments who are all major models of development to Bangladesh all gave
very powerful messages on the auspicious occasion and promised to stand by the people and
government of Bangladesh in their remarkable journey to the “first world” as a stable and progressive
government . Once a “basket case” the Canadian Prime Minister did recall a trip with his father to
Bangladesh as a young man in the seventies and the amazing country Bangladesh is, today.
Bangladesh’s progress is reflected in her continuous craving for the miraculous under the leadership of
the Hon’ble Minister Sheikh Hasina to build a Golden Bengal, as envisioned by the Father of the the
Nation Bangabandhu Sheik Mujibur Rahman.
} Bangladesh has promoted peace after gaining enough experience of promoting peace in the
world and contributes to the UN peacekeeping missions with a high number of troops.”
} “Bangladesh does not have any enemies, and this according to Prof Imtiaz Ahmed of Dhaka
University’s (DU) International Relations department is unique to us.”
It is worthy to note, that In South Asia, Bangladesh has indeed marched ahead of Pakistan in several
indicators. Bangladesh is a Development surprise that continuously defies economic and political
gravity.
} Since its 1971 war of independence with Pakistan, the country has been known for its tragedies:
wrenching poverty, natural disasters
} Bangladesh is now one of the world’s biggest refugee crises, after the influx of 750,000 Rohingya
Muslims fleeing persecution in neighboring Myanmar.
} With remarkably little international attention, Bangladesh has become one of the world’s
economic success stories.
} Aided by a fast-growing manufacturing sector -its garment industry is second only to China’s.
In 50 years, Bangladesh has continued to make many extraordinary achievements in different sectors
including social transformation, economic growth, and political stabilization. With such
accomplishments, the country has become a role model to many others as a development miracle;
whose dependence on foreign aid has reduced remarkably from 88% in 1972 to just over 2 percent in
2010, with a current Purchasing Power Parity adjusted per- capita GDP of more than $4000. We can
compare this to older Pakistan and Nigeria who were formed in 1947 and 1960 respectively, and have
heavily relied on foreign aid, particularly from the US and the UN.
The IMF has indicated Bangladesh’s economy to be growing up to $322 billion by 2021. This data
compiled by the IMF indicates the average Bangladeshi citizen is wealthier compared to that of Pakistan.
} Bangladesh has succeeded to mark and establish itself as one of the significant track recorders
of socio-economic development and sustainable growth.
} It has also crafted efficient public policies to empower women and reduce chronic diseases. –
Bangladesh has come a long way since 1971 when the U.S. Secretary of State Henry Kissinger
disparagingly referred to it as a “bottomless basket”.
Bangladesh’s economic performance has indeed exceeded even government targets. Indeed, the
“Digital Bangladesh” strategy in 2009 backed by generous incentives has now yielded Dhaka, the
nation’s capital, as home to a small but growing technology sector led by CEOs who talk boldly about
“leapfrogging” neighboring India in IT.
Pharmaceutical manufacturing is also on the rise, with Bangladesh already challenging India in pharmaceuticals. With its “least developed country” status, Bangladesh has enjoyed a waiver on drug
patents.
This fueled intensifying competition between India and Bangladesh in the field of generic and bulk drugs. Among local star performers is Incepta Pharmaceuticals, Bangladesh’s second-largest
generics maker, which exports to about 60 countries, and Popular Pharmaceuticals, which is eyeing an
eventual listing.
Bangladesh began the ambitious scheme to build a network of 100 special economic zones around the
country, 11 of which have been completed while 79 are under construction. The ready-made garment
industry is a key factor in the country’s phenomenal success story.
Indeed, Industry remains the country’s largest employer, providing about 4.5 million jobs, and
accounting for nearly 80% of Bangladesh’s total merchandise exports in 2018.
A new generation of IT entrepreneurs talks about beating India -which leapt onto the global map with its
basic outsourcing industry -by focusing on AI, robotics and disruptive technologies.
Bangladesh is focused on the Golden Bengale dream of the father of the nation, Bangabandhu Sheik
Mujibur Rahman and is turning Bangladesh into the golden Delta in South Asia. In this direction, several
ambitious infrastructure projects are currently ongoing with some completed and others nearing
completion soon including:
} The Rampal Power Plant with capacity for 1, 300MW coal based
} Matarbari Power Project and Sea Port is a complete power hub with 1,200 MW capacity for
completion in 2022
} Dhaka Metro Rail with capacity to transport over 60,000passengers/hour
} 47.6Km Dhaka Elevated High Expressway connecting Key points in Dhaka
} Karnaphuli Tunnel expected to have been completed in 2020
} Bangladesh Delta Plan
} Rooppur 2,400MW Nuclear Plant
After several years of disappointment from the World Bank on account of perceived corruption in the
procurement process, Hon’oble Prime Minister Sheik Hasina undertook an all Bangladesh start to finish
design, procurement and construction of the Padma Multipurpose Bridge with local capacity with great
success. “The government most recently managed” to establish the last structural span of the Bridge
and with this project, Bangladesh has shown the world the degree of self-reliance it can afford, and its
capability to launch mega economic projects without full support from abroad.
To keep industrialization at its peak and constantly up-scaled, Electricity generation in Bangladesh
stands at 20.133MW (installed) capacity in FY 2016-17 from 5, 245MW in FY 2005-2006 (per capital)
generation from 220Kwh to 407Kwh. Bangladesh targets 24,000 MW in 2021 with a coverage of 78%,
less than 50% ten years ago. Government is projecting and aiming for 7 Solar parks to be implemented
by IPPS connecting to the national grid (2.76% of total electricity generation is from renewable sources)
and target to produce 10% power from renewable sources from 2021. In fact, more than 4.5 million
solar home systems are installed in rural areas enabling rural electricity penetration
In comparison to Africa’s giant, Nigeria, if you are in Bangladesh you are 73.3% less likely to be
unemployed while in Nigeria you are 43 percent less likely to be unemployed. The situation is going
worse with the negative DDP performance. It might also interest you to know that in Nigeria 16.5%
adults are unemployed as of 2017 and while in Bangladesh the number is put at 4.4% as of 2017. While
in Nigeria 70.0% live below the poverty line as of 2010 with worsening figures as date , Bangladesh
however has maintained just about 24.3% as of 2016 with progressive improvement over the years.
With higher literacy rate, more access to portable water, electricity and healthcare Bangladesh has
proven to overcome its wavy political beginning to build a more resilient economy even though Nigeria
got its independence earlier with less hassle.
Nigeria Bangladesh bilateral trade relations is currently in the upward swing but lopsided in favor of
Nigeria. Between 2018 and 2020, trade volume increase from below US$50 to over US$100 in favor of
Nigeria. Despite Bangladesh’s rise in global reckoning in the areas of cotton, garments and textiles,
pharmaceuticals, Jute and five value chains, Ceramics and value chain, construction and housing, ICT
with a booming digital economy, etc., Nigeria is yet to recognize and take advantage of the bilateral
relations for mutual benefits as Bangladesh is desirous of entering into several Free trade agreements as
effective instruments in boosting and sustaining local content development and increasing revenue
streams especially for developing nations.
In its relations with Nigeria, Bangladesh recognizes and promotes the importance of trade, investments
and technology as a source of knowledge transfer and for sustaining the pace of economic development
between the two friendly nations and is desirous od signing additional frameworks on promotion,
protection and liberalization of investments between the two friendly nations.
Successful implementation of FTA can play a vital role in investment inflow between Nigeria and
Bangladesh that strengthens strategic sectors and cooperation such as pharmaceuticals, technology,
energy, tourism, garments and textiles, ceramics, jute and the value chain, housing construction, etc.
These can take place through exchange of mutually-agreed –upon concessions in trade and commerce
amongst the two economies by creating favorable business environments with sufficient cultural inter
relations. The recent inter racial between the Nigerian born footballer, Kingsley and his beautiful
Bangladesh bride with the subsequent granting of Bangladeshi citizenship is a welcome confidence
building development in the Nigeria Bangladesh bilateral relations of the future.
Nigeria and Bangladesh overtime has had a good bilateral relationship and it is only wise that this
relationship is further expanded to mutually benefit the nations through win-win business engagements
for both nations.
As espoused by the High Commissioner Designate to Nigeria, H.E. Masudur Rahman at a Nigeria
Bangladesh Business and Technology Forum (NBBTF) 50th Anniversary of Independence event in Abuja,
Mr. Rahman alluded to his homecoming to Nigeria which he said has unique similarities in multi racial,
cultural, geographical and value systems with Bangladesh. Masudur Rahman believes both friendly.
nations have unique diverse strengths that if harmonized could generate revenue and create
employment for both nations in form of business and knowledge exchange.
With Bangladesh as one of the most advanced textile manufacturing nation with premium quality
readymade garments at very low rates even on the streets, Nigeria’s bilateral trade relations will benefit
to re-launch her once booming textile industry which has been on its knees for decades, one may ask
what is Bangladesh doing differently to achieve this results that Nigeria needs to learn to get back on its
feet.
In terms of healthcare evidently the higher life expectancy speaks for Bangladeshi nation, with its
advancement in pharmaceuticals and medicine. This is another sector Nigeria can tap into, to solidify its
craving for improved health system and manufacturing of pharmaceutical active ingredients through
world class standard manufacturing practices. B2B pitching and opportunities can be explored for the
needful.
Nigeria on its own is one of the biggest destinations for oil and gas as well as solid minerals, leather and
many more agricultural oil seeds, soya beans, legumes, etc. How can we optimize these opportunities
with the bilateral relations with Bangladesh in the context of free trade agreement and mutual benefit?
These are some of the questions Nigeria-Bangladesh Business Forum would be providing answers to.
At a time of the disruptive Covid -19 pandemic effects on nations, seeking alternative to the dominating
dollar in order to reduce pressure on their economies has become common place and Bangladesh today
is willing, able and ready to deal further. In contrast to the Nigeria-Chinese currency swap, Bangladesh
presents Nigeria with even a more viable alternative currency with friendly exchange rate of one
Bangladeshi Taka (1) BDT equaling just about five naira (NGN4.57736). Nigeria is particularly encouraged
to boost its export capabilities to further strengthen her often weak currency by promotion of local
content.
In conclusion Nigeria and Bangladesh certainly enjoy cordial bilateral relations which are marked by
commonality of views in many areas and will now exceed bilateral and political relations to “economic
diplomacy” rooted in the establishment of a permanent mission in Dhaka and the establishment of the
Nigeria-Bangladesh Commission. These twin action will further boost win win relations between the two
friendly nations and peoples for business, trade and investments.
The NBBTF therefore, looks forward to building on the successes of Nigeria Bangladesh relations so far
and warmly fraternizing with the New team at the High Commission while promoting, orchestrating and
enabling the trade, business and investment community in Nigeria in order to harness opportunities in
our focal sectors of technology, trade, business, investment, pharmaceuticals, jute and value chain,
ceramics and value chain, housing and construction, garments and textiles, education and more. This
will galvanize amongst others, the right prism to implement the Bangladesh Business City dream and
further scaling up of Nigeria Bangladesh bilateral relations in the years ahead.
