The current annual trade volume between Nigeria and Egypt has risen to $141 million, as both countries are set to host the maiden edition of the Nigeria–Egypt Trade Conference and Exhibition (NETCE) on Monday in Cairo.
This was disclosed by the Nigerian Ambassador to Egypt, Nura Rimi, in a statement on Sunday.
The event is organized by the Nigeria-Egypt Cultural and Socio-Economic Forum (NESCEF) in collaboration with the Nigerian Embassy, Cairo, and the Egyptian African Businessmen’s Association (EABA).
What they said:
Mr. Abdul-Razaq Musa Executive Assistant to the President, NESCEF, noted that the theme of the event is ‘‘For Africa, By Africa’’, exploring the African Continental Free Trade Area (AfCFTA), citing that the conference would promote successful bilateral economic and business relations.
He added“The conference will bring together government ministers, governors, and ambassadors from Nigeria and Egypt along with over 300 delegates, visitors, and exhibitors.
“Over the course of two days in the ancient city of Cairo, businessmen and women from Africa’s two largest economies will engage in Business-to-Business sessions, and exchange ideas.
“They will attend exhibitions from participating Nigerian and Egyptian companies, showcasing their products and services.
“An industrial tour, scheduled for October 12, will afford the Nigerian participants to learn about the industrial environment and the latest technology in Egypt.
“NETCE 2022 is meeting and exploring the African Continental Free Trade Area (AfCFTA).
“And it is providing limitless opportunities for us to enhance trade between Nigeria and Egypt to a new and enviable height,’’ Ahmadu said.
Nigerian Ambassador to Egypt, Nura Rimi added that the current trade volume of the two countries stood at $141 million, he added that “Nigeria is ready to work towards achieving much higher levels of bilateral trade with Egypt.”
Rimi noted that the successful implementation of reforms promoting transparency and efficiency in the business environment, stating it would also promote economic diversification into real sectors like agriculture, mining, and manufacturing between both nations as they house the two largest economies in Africa. It is also a win-win situation for the two countries.
What you should know
Recall that Nairametrics reported last month that Nigeria recorded a total foreign trade of N12.84 trillion in the second quarter of 2022, representing a 32.2% increase compared to the corresponding period of 2021 (N9.71 trillion). However, when compared to the previous quarter, it decreased marginally by 1.2% from N13 trillion).
The top five export destinations in the second quarter of 2022 were India with a share of 14.85%, followed by Spain with 13.98%, The Netherlands with 12.35%, the United States of America and Indonesia with 8.93% and 8.45% respectively. Collectively, they accounted for 58.6% of the total export.
In terms of Imports (CIF), in the second quarter of 2022, China, Belgium, India, The Netherlands, and the United States of America were the top five countries of origin of imports to Nigeria. The value of imports from the top five countries amounted to N3.14 trillion representing a share of 57.71% of the total value of imports.
