Nigeria has reaffirmed its commitment to strengthening diplomatic and economic relations with Egypt, as bilateral trade between both nations surged to $315 million in 2024, up from $187 million in 2023.
The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, made this known while speaking at the opening of the Nigeria-Egypt Business Forum in Abuja on Monday, where he highlighted the historic ties between both nations dating back to 1961.
Despite the growth, Tuggar expressed concern over the imbalance in trade volumes, noting that Nigeria's exports to Egypt accounted for only $12.2 million out of the $211.2 million bilateral trade recorded in 2023.
"The private sector is the real driver of integration. Let this forum ignite deeper collaboration, joint ventures, trade facilitation, and technology transfer," Tuggar stated, calling for concerted efforts to rebalance the trade relationship.
Strategic Sectors for Collaboration
The Foreign Affairs Minister emphasized the need for collaboration in key sectors including solid minerals, agriculture, renewable energy, ICT, aviation, pharmaceuticals, garments, leather, and tourism.
He also underscored the importance of supporting the African Continental Free Trade Area (AfCFTA) through regulatory harmonization, removal of trade barriers, and investment promotion, describing the forum as a strategic platform for unlocking vast potential between both African economic giants.
Egypt's Minister of Foreign Affairs, Dr. Badr Abdelatty, who also addressed the forum, welcomed the growth in trade but noted that the figures remained far below the potential of both economies.
"We must diversify the nature of our trade and fully leverage the Africa Continental Free Trade Agreement," Abdelatty said, citing Nigeria's 2023 export of $160 million worth of LNG to Egypt as an example of beneficial complementarity.
Nigeria Open for Business
Nigeria's Minister of State for Finance, Dr. Doris Uzoka-Anite, reaffirmed that the country remains open for business under President Bola Tinubu's leadership, noting that bold fiscal, monetary, and regulatory reforms are underway to improve the investment climate and ease of doing business.
The President of the Nigeria-Egypt Business Council (NEBC), Mr. Muhammed Lere, pledged the council's commitment to implementing the business resolutions adopted at the forum and encouraged participants to pursue their business dealings through proper channels to maximize benefits and avoid litigation.
Both nations are working towards achieving the Developing-8 group's goal of increasing intra-bloc trade to $500 billion by 2030, signaling a new era of economic cooperation between the two African powerhouses.
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