Nigeria has reaffirmed its dedication to strengthening both economic and diplomatic ties with Egypt, as the two countries aim to fully realize the potential of their enduring partnership.
During the Nigeria-Egypt Business Forum in Abuja on Monday, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, highlighted the longstanding ties between the two nations, which date back to 1961 and are founded on a mutual commitment to African unity and advancement.
Although these connections exist, Tuggar pointed out that trade between the two countries is still quite limited, with the total reaching only $211.2 million in 2023. Of this amount, Nigeria’s exports make up just $12.2 million.
He urged a revitalization of efforts to address trade imbalances and encouraged both countries to strive towards achieving the Developing-8 group’s bold goal of reaching $500 billion in intra-bloc trade by 2030.
He also emphasized that sectors like agriculture, solid minerals, ICT, renewable energy, aviation, pharmaceuticals, tourism, leather, and garments present promising opportunities for partnership.
He said, “The private sector must lead the charge toward deeper integration. This forum should serve as a springboard for strategic partnerships, joint ventures, and meaningful technology exchange. We must act now, not just as business allies, but as Africans united by history and destiny.”
Egypt’s Minister of Foreign Affairs, Dr. Badr Abdelatty, echoed similar sentiments, noting a rise in trade between the two nations — from $187 million in 2023 to $315 million in 2024. While acknowledging the growth, he stressed that the current trade volume still falls short of the economic potential both countries possess.
“We need to expand and diversify our trade portfolio and fully harness the opportunities offered by AfCFTA,” Abdelatty said, citing Nigeria’s $160 million worth of LNG exports to Egypt in 2023 as a strong example of economic complementarity.
Also speaking at the forum, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, reaffirmed the country’s openness to investment under President Bola Tinubu’s administration. She pointed to ongoing fiscal, monetary, and regulatory reforms aimed at improving the business environment.
Meanwhile, the President of the Nigeria-Egypt Business Council (NEBC), Mr. Muhammed Lere, assured stakeholders of the council’s readiness to implement the forum’s business resolutions. He also advised participants to conduct transactions through official channels to maximize opportunities and avoid legal complications.