Nigeria and Egypt work to improve trade volume

Egyptian Ambassador to Nigeria Mohamed Fouad criticized the trade volume between Egypt and Nigeria, which amounted to $190 million in 2023, saying that futile attempts to improve it are already underway.

Speaking at the commemoration of the 72nd anniversary of the July 23 Revolution in Egypt in Abuja, the envoy, who expressed surprise at the level of bilateral relations between the two countries, said he was nevertheless pleased that deliberate efforts were being made to improve them in the future.

He said that two important programmes have been prepared as part of efforts to improve interactions between the two countries.

He stressed that the bilateral political consultations scheduled in Nigeria in the last quarter of the year and the business council in September are aimed at improving relations between the two countries.

He said: “In terms of trade volume, I have the numbers for 2023, $190 million as I said, these figures are not up to the economic potential of both countries.

In short, this is why we are trying to focus and make the most of our potential as the largest countries on the continent.”

He added: “Today, Egypt and other African countries are struggling to address challenges that are no less enormous than those they encountered during the struggle for independence.

“These challenges include the need to invest in human capital, energy transition and infrastructure development, strengthen economic growth and create jobs, combat terrorism and extremism, and empower young people and women.

“In this regard, Egypt and Nigeria are redefining their long-standing historical ties.

“Our people and governments are tapping into their enormous economic and cultural potentials as we envision the next chapter of our strong partnership. From security, counterterrorism, energy, communications, digital transformation, trade and infrastructure, agriculture, healthcare and modern education, our two countries are moving forward with determination on the path to forging a modern, forward-looking partnership anchored in our common values ​​and shared goals.

“In this context, we are preparing, together with our Nigerian colleagues, to hold the third round of our bilateral political consultations in Abuja during the last quarter of this year. We also look forward to the upcoming meeting of the Egypt-Nigeria Business Council in Lagos next September, which will help connect the business communities of our two countries, providing them with the opportunity to explore possible ways and means to enhance our bilateral trade and investment relations.”

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