Nigeria, Egypt target stronger trade ties, eyeing opportunities in ICT, tourism, renewable energy

Nigeria and Egypt have expressed commitment to boosting trade and strengthening bilateral ties with each other. 

Speaking in Abuja on Monday at the second Nigeria-Egypt business forum, Yusuf Tuggar, foreign affairs minister, noted that trade volume between both nations was approximately $211.2 million in 2023.

He noted that Egypt’s exports to Nigeria at the time were estimated at $199 million, while Nigeria’s exports to the North African country were about $12.2 million.

Tuggar said the figures were “notably low” given the significant potential of both economies.

“As two of Africa’s most influential nations, our partnership has the potential to shape the future of intra-African trade and cooperation,” the minister said.

“Nigeria and Egypt are the only African members of the Developing-8 Organisation for Economic Co-operation (D-8), with membership spanning three continents.

“The D-8 is a unique intergovernmental organisation whose objective is to improve its members’ positions in the global economy, create new opportunities in trade relations, and provide a better standard of living for its people.

“The D-8, comprising Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye, represents a formidable economic bloc.

“With a combined population of over 1.2 billion people (approximately 15 percent of the world’s population) and a total nominal GDP estimated at over $5 trillion as of 2024, the group holds immense market potential.”

Tuggar said both countries are witnessing dynamic shifts in industrialisation, infrastructure development, digital innovation, and human capital growth.

“This forum presents a golden opportunity to align our respective strengths with our shared needs across various sectors of the economy, including solid minerals and renewable energy, agriculture and water management, ICT, aviation, pharmaceuticals, manufacturing, the garment industry (leather), and tourism,” he said.

“Both countries can leverage each other’s capabilities for mutual growth and development through collaboration.

“I am here to reassure you all today that the Nigerian government is fully supportive of the private sector taking advantage of the opportunities that abound.”

He said Nigeria and Egypt must lead trade growth by removing barriers, harmonising regulations, and promoting investment, especially as the African Continental Free Trade Area (AfCFTA) gathers momentum.

Badr Abdelatty, Egyptian minister of foreign affairs, immigration, and expatriates, welcomed Tuggar’s position.

Abdelatty said the forum is crucial to advance trade discussions and improve trade volumes beyond the current figures.

He applauded the Nigerian government for making the economy “more competitive and attractive to foreign investments”.

Abdelatty expressed pride in Egyptian businesses operating in Nigeria and assured that expansions are underway to further strengthen ties between both countries.