Nigeria’s Foreign Affairs Minister, Amb. Yusuf Tuggar, has restated the country’s dedication to deepening economic and diplomatic relations with Egypt as both nations pursue the Developing-8 (D-8) target of $500 billion in intra-bloc trade by 2030.
Speaking at the Nigeria-Egypt Business Forum held Monday in Abuja, Tuggar highlighted the long-standing ties between the two countries, dating back to 1961, built on African unity and shared goals for development.
He pointed out the disappointing volume of trade between both countries in 2023, which stood at $211.2 million. Of that, Nigeria’s exports to Egypt contributed only $12.2 million.
Tuggar stressed the importance of addressing the trade imbalance and called for greater cooperation to meet the D-8 trade objective.
He urged stronger collaboration across sectors including agriculture, solid minerals, 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,” Tuggar said.
“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.”
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Tuggar also underlined the need to support the African Continental Free Trade Area (AfCFTA) through harmonized regulations, elimination of trade barriers, and a focus on attracting investment.
He described the forum as a key opportunity to unlock the massive trade potential between the two leading African economies, especially in areas like food security.
Egypt’s Foreign Affairs Minister, Dr. Badr Abdelatty, echoed similar sentiments.
He noted that trade between Nigeria and Egypt rose from $187 million in 2023 to $315 million in 2024, but said this figure still falls short of what both economies are capable of achieving.
“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 worth of liquefied natural gas (LNG) to Egypt as an example of how both countries can benefit from complementary economic strengths.
Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, also spoke at the event, reaffirming the country’s openness to investment under President Bola Tinubu’s administration.
She said efforts are underway to improve the investment environment through bold fiscal, monetary, and regulatory reforms.
President of the Nigeria-Egypt Business Council (NEBC), Mr. Muhammed Lere, expressed the council’s commitment to following through on resolutions made during the forum.
He urged participants to conduct business through proper legal channels to avoid disputes and maximise benefits.
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Image Credit: Naiarmetrics
