Egypt, Nigeria; 2 of Africa’s leading economies move to strengthen ICT, Trade relationship
Nigeria and Egypt have reaffirmed their commitment to enhancing trade and economic cooperation, with a strong focus on emerging sectors, including ICT and renewable energy.
Speaking in Abuja on Monday at the second Nigeria-Egypt Business Forum, Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama, said trade between the two countries was significantly below potential, with a total volume of $211.2 million recorded in 2023. Egypt’s exports to Nigeria stood at $199 million, while Nigeria’s exports to Egypt totalled $12.2 million.
“The figures are notably low given the significant potential of both economies,” Tuggar stated.
He emphasised that both nations—among Africa’s most influential—can leverage their strengths for mutual growth, particularly in areas such as solid minerals, agriculture, water management, aviation, pharmaceuticals, manufacturing, the garment and leather industries, tourism, and especially digital innovation and renewable energy.
“This forum presents a golden opportunity to align our respective strengths with our shared needs across various sectors of the economy,” Tuggar said. “Both countries can leverage each other’s capabilities for mutual growth and development through collaboration.”
He also emphasised the importance of removing trade barriers and harmonising regulations to capitalise on the African Continental Free Trade Area (AfCFTA).
Badr Abdelatty, Egypt’s Minister of Foreign Affairs, Immigration, and Expatriates, echoed the sentiment, calling the forum “crucial to advance trade discussions and improve trade volumes beyond the current figures.”
He praised Nigeria’s efforts to attract foreign investment and expressed pride in the presence of Egyptian businesses in Nigeria, noting that expansion efforts are underway to strengthen bilateral ties.
