Minister of Foreign Affairs, Amb. Yusuf Tuggar has reaffirmed Nigeria’s commitment to strengthening diplomatic and economic ties with Egypt.
Speaking at the opening of the Nigeria-Egypt Business Forum in Abuja on Monday, Tuggar highlighted the historic relationship between the two nations, dating back to 1961 and rooted in African solidarity and shared developmental goals.
He expressed concern over the low volume of bilateral trade, which stood at 211.2 million dollars in 2023, with Nigeria’s exports contributing only 12.2 million dollars.
He called for joint efforts to balance the trade flow and urged both countries to work towards the Developing-8 (D-8) objective of increasing intra-bloc trade to 500 billion dollars by 2030.
Tuggar stressed the importance of collaboration in sectors including 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 need to support the African Continental Free Trade Area (AfCFTA) through regulatory harmonisation, removal of trade barriers, and investment promotion.
Describing the forum as a strategic platform, he said it could unlock the vast potential between the two economic powerhouses, particularly in food security.
Egypt’s Minister of Foreign Affairs, Dr Badr Abdelatty, also addressed the event, revealing that trade between both countries rose from 187 million dollars in 2023 to 315 million dollars in 2024.
While welcoming the growth, he said it remained below the potential of the two economies.
“We must diversify the nature of our trade and fully leverage the Africa Continental Free Trade Agreement,” Abdelatty said.
He pointed to Nigeria’s 2023 export of 160 million dollars’ worth of liquefied natural gas to Egypt as an example of beneficial complementarity.
Minister of State for Finance, Dr Doris Uzoka-Anite, reaffirmed Nigeria’s openness to business under the leadership of President Bola Tinubu.
She said bold fiscal, monetary, and regulatory reforms were being implemented to enhance the investment environment and ease of doing business.
President of the Nigeria-Egypt Business Council (NEBC), Mr Muhammed Lere, pledged the council’s commitment to executing business resolutions made at the forum.
He urged participants to conduct transactions through appropriate channels to maximise benefits and minimise legal disputes.
(NAN)