Nigeria has reiterated its commitment to deepening economic and diplomatic relations with Egypt as both nations seek to unlock the full potential of their longstanding partnership.
Speaking at the Nigeria Egypt Business Forum in Abuja on Monday, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, emphasized the historical bond between the two countries, which dates back to 1961 and is anchored on a shared vision of African unity and progress. He acknowledged that despite this enduring relationship, trade between the two nations remains limited, totaling just $211.2 million in 2023, with Nigerian exports accounting for only $12.2 million.
Ambassador Tuggar called for renewed efforts to bridge the trade gap and encouraged both sides to pursue the Developing 8 (D8) goal of achieving $500 billion in intrabloc trade by 2030. He highlighted sectors such as agriculture, solid minerals, ICT, renewable energy, aviation, pharmaceuticals, tourism, leather, and garments as areas ripe for collaboration. “The private sector must lead the charge toward deeper integration,” he said. “This forum should serve as a launchpad for strategic partnerships, joint ventures, and meaningful technology exchange.”
Echoing this position, Egypt’s Minister of Foreign Affairs, Dr. Badr Abdelatty, reported an increase in bilateral trade from $187 million in 2023 to $315 million in 2024. While noting the improvement, he stressed that the trade volume still falls short of the economic potential both nations possess. He referenced Nigeria’s $160 million in LNG exports to Egypt as a strong example of complementary trade and advocated for full utilization of opportunities under the African Continental Free Trade Area (AfCFTA).
Also speaking at the event, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka Anite, assured investors of Nigeria’s openness to business under President Bola Tinubu’s administration, pointing to reforms aimed at improving the fiscal, monetary, and regulatory environment. In addition, the President of the Nigeria Egypt Business Council (NEBC), Mr. Muhammed Lere, pledged the council’s readiness to implement outcomes from the forum and advised businesses to use official channels to avoid legal risks and enhance benefits.
