Nigeria and Egypt have reaffirmed their commitment to boosting trade and strengthening bilateral relations, with both countries describing current trade volumes as far below potential. Speaking at the second Nigeria-Egypt Business Forum in Abuja on Monday, Nigeria’s foreign affairs minister, Yusuf Tuggar, said trade between the two nations totalled $211.2 million in 2023, with Egypt exporting goods worth $199 million and Nigeria exporting $12.2 million.
Tuggar emphasised the need to deepen economic ties across sectors including energy, agriculture, ICT, tourism, and manufacturing. He noted that both countries, as members of the Developing-8 Organisation for Economic Co-operation (D-8), hold significant influence and market potential on the continent and globally.
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The minister also called for the removal of trade barriers, harmonisation of regulations, and increased private sector involvement to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA). He said both countries are seeing rapid development in infrastructure, digital innovation, and industrialisation.
Egyptian foreign minister, Badr Abdelatty, described the forum as a key step towards improving trade volumes and applauded the Nigerian government’s efforts to make the business environment more attractive. He expressed pride in Egyptian investments in Nigeria and said further expansion plans are underway.
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