The Minister of Foreign Affairs, Amb. Yusuf Tuggar has reaffirmed Nigeria’s commitment to strengthening diplomatic and economic ties with Egypt, as both nations work toward achieving the Developing-8 (D-8) goal of $500 billion in intra-bloc trade by 2030.
Speaking at the Nigeria-Egypt Business Forum held on Monday in Abuja, Minister of Foreign Affairs, Amb. Yusuf Tuggar emphasized the historic relationship between both countries, which dates back to 1961 and is rooted in African solidarity and shared development goals.
He, however, expressed concern over the low volume of bilateral trade, which amounted to just $211.2 million in 2023, with Nigeria’s exports contributing only $12.2 million.
Call for balanced trade and sectoral collaboration
Tuggar called for renewed efforts to rebalance the trade relationship and urged both nations to work collaboratively to meet the Developing-8 (D-8) target of boosting intra-bloc trade by 2030.
He emphasized 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.
Support for AfCFTA and investment promotion
He also stressed the importance of supporting the African Continental Free Trade Area (AfCFTA) through regulatory harmonization, 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, especially in food security.
Egypt’s Minister of Foreign Affairs, Dr Badr Abdelatty, also spoke at the event, revealing that trade between both countries grew from 187 million dollars in 2023 to 315 million dollars in 2024.
While welcoming the increase, he noted that it still fell short of the potential offered by 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 open for business – Finance Minister
Nigeria’s Minister of State for Finance, Dr Doris Uzoka-Anite, reaffirmed that the country remained open for business under President Bola Tinubu’s leadership.
She noted that bold fiscal, monetary, and regulatory reforms were 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 business resolutions made at the forum.
He encouraged participants to pursue business dealings through proper channels to maximise benefits and avoid litigation.
