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The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has reaffirmed Nigeria’s commitment to strengthening diplomatic and economic relations with Egypt.
Speaking at the opening of the Nigeria-Egypt Business Forum in Abuja on Monday, Tuggar highlighted the historic ties between both nations, dating back to 1961, and rooted in African solidarity and shared development aspirations.
However, he expressed concern over the low volume of bilateral trade, which stood at just 211.2 million dollars in 2023, with Nigeria’s exports accounting for only 12.2 million dollars.
He called for concerted efforts to rebalance the trade relationship and urged both countries to work towards achieving the Developing-8 group’s goal of increasing intra-bloc trade to 500 billion dollars by 2030.
Tuggar emphasised the need for collaboration in key sectors such as solid minerals, agriculture, renewable energy, ICT, aviation, pharmaceuticals, garments, leather, and tourism.
“The private sector is the real driver of integration. Let this forum ignite deeper collaboration, joint ventures, trade facilitation, and technology transfer.
“Now is the time for action and partnership. Let us move forward not just as partners, but as brothers and sisters bound by history, vision, and destiny,” he said.
He also underscored the importance of supporting the African Continental Free Trade Area, AfCFTA, through regulatory harmonisation, the removal of trade barriers, and investment promotion.
Tuggar described the forum as a strategic platform for unlocking the vast potential between both African economic giants, particularly in the area of food security.
Egypt’s Minister of Foreign Affairs, Dr Badr Abdelatty, also addressed the forum, revealing that trade between both countries had increased from 187 million dollars in 2023 to 315 million dollars in 2024.
While welcoming the growth, he 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.
He cited Nigeria’s 2023 export of 160 million dollars’ worth of LNG to Egypt as an example of beneficial complementarity.
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.
She noted that bold fiscal, monetary, and regulatory reforms are underway to improve the investment climate and ease of doing business.
Also present was the President of the Nigeria-Egypt Business Council, NEBC, Mr Muhammed Lere, who pledged the council’s commitment to implementing the business resolutions adopted at the forum.
He encouraged participants to pursue their business dealings through proper channels in order to maximise benefits and avoid litigation.
