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The governments of Nigeria and Colombia have signed a historical memorandum of understanding (Mou) on political consultations, opening a new and significant chapter of the relationships between the two countries.
The memorandum of understanding signed on Monday during the bilateral meeting of Nigeria-Colombia and the commercial forum at the presidential villa was added by the Minister of Foreign Affairs of Nigeria, Amb. Yusuf Tuggar and deputy minister, multilateral affairs, Ministry of Foreign Affairs, Colombia, Mauricio Jaramillo Jassir.
Jassir explained that on the bilateral front, the Mou refers to “very frequent political dialogues” with the approvals of Nigeria and visas for its diplomats, thus making it easier for its diplomats to visit Nigeria.
Speaking to the plenary session of Nigeria-Colombia Business Forum, the vice-president of Nigeria, senator Kashim Shettimo, has implored both Nigeria and Colombia to exploit their abundant potential and transform them into palpable and substantial economic gains.
This, he said, should be guided by the private sectors of the two nations, exploring new opportunities, deepen the partnerships and face common challenges.
“We cannot reach it if we do not compare our differences and similarities, as well as our resources and our potential. This is a practical way to push trade and investments, improve agriculture, encourage culture and exchange ideas that will benefit our countries.
“The private sectors of our two nations are therefore invited to benefit from the abundant potential of our countries and transform them into tangible economic earnings,” he said.
The vice -president said that skepticism on the global economy and its unpredictable policy that is usually underestimated by redefining the commercial models, since then Nigeria has deemed it necessary to diversify and expand its exports beyond crude oil, with agriculture, minerals and products manufactured such as some of the new concentration areas.
“The rates that face our exports to other parts of the world are a reminder of the danger of dependence on a narrow base.
“For Nigeria, this is an invitation to diversify our exports beyond crude oil, expanding in agriculture, minerals and buildings manufactured. I believe that Colombia is also bound by the determination to expand its economy beyond the limits of tariff barriers,” he said.
In response to global constraints, the vice-president explained that Nigeria is working to raise its agriculture from mega-business subsistence, as well as transforming small owners into global conglomerates.
“As a country, we are investing in innovative technologies for cattle breeding, the development of machinery, the production of products based on chemicals such as fertilizers, herbicides and pesticides and creating a strong supply chain. This is also an area in which partners with Colombia will be vital.
“We must give priority to the sectors that are natural pillars of our economies. In agriculture, we share comparative strengths in cocoa, coffee and tropical fruits. In energy, Nigeria remains leader in oil and gas, while Colombia has a potential in coal and renewable energy.
“In production, from fabrics to machinery, both nations can collaborate to develop skills, exchange knowledge and attract the type of investments that guarantee jobs and prosperity for our peoples,” he said.
To exploit the opportunities that abound in their sectors, the Nigerian vice -president has identified three things that Nigeria and Colombia has to do, including monitoring “global commercial policies to adapt quickly”.
He said that the two nations must diversify exports to reduce dependence on individual products and “create a fairly attractive company environment for foreign investors”, adding that by pursuing these, both nations “can transform changing tides into shared prosperity”.
On the cultural ties between the two nations, the vice -president said: “Our practical roadmap for the future is to recognize that culture is a bridge for innovation, economic development and mutual prosperity.
“The creative sector of Nigeria remains an engine to trigger the potential of our teeming youth population. Strengthen our connections in culture, education, science and technology is essential for the construction of a resilient creative economy and global level.
“It is therefore time to collaborate under the construction of skills, development of skills, cultural exchange, digital innovation and protection of intellectual property. We must extend our knowledge to mutual literature, languages, music, films, arts and festivals.”
The vice -president of the Republic of Colombia, Mrs. France Márquez, said that her team was in Nigeria to reaffirm bilateral relationships, observing that the country remains a strategic market for Colombia.
He said Colombia is currently exporting to Nigeria, in particular in the field of the skin, adding that she tries to explore new paths with Nigeria in renewable energy.
He said that the two nations “can make progress in higher education” by connecting the young Colombians and Nigerians.
According to her, the work meeting in Nigeria will allow Nigeria to explore cooperation opportunities and work together in the sectors of technology and services for countries.
He thanked the Nigerian government for his hospitality, ensuring that “we will work together for social development, social justice, peace and security for our people”.
The Minister of Foreign Affairs of Nigeria, Yusuf Tuggar, argued that the history of Colombia is linked to Nigeria, in particular during the slave trafficking when the Nigerians found their way in Colombia.
He said that development is an opportunity to strengthen historical and economic ties between the two countries and support trade, adding that “there is room for improvement” in sectors such as agriculture, hydrocarbons and pharmaceutical products.
In addition, the deputy minister of multilateral business, the Ministry of Foreign Affairs, Colombia, Mauricio Jaramillo Jassir, said that it is very important for Colombia to diversify its relations with the world, in particular with Nigeria.
For the Colombian part, he underlined the importance of exploring his relations with Nigeria, claiming that Nigeria remains the best scope to strengthen bilateral cooperation with Africa, expressing optimism that the Nigerian part will explore the strategic position of Colombia in South America.
On the bilateral front, he said that two understanding Memorandum (Mou) were of interest for Colombia: having “very frequent political dialogues” with the approvals of Nigeria and visas for its diplomats, so it will be easier for its diplomats to visit Nigeria.
By presenting investment opportunities in Nigeria, deputy director of the Nigerian Investment Promotion Commission (Nipc), Emmanuel Longza, said that Nigeria is a strategic position with a population of 250 million, very rich in natural resources, while investors can enjoy the renunciation of tax duties among other incentives.
He listed the not exploited treasures of Nigeria to include a land of arable land, solid minerals, crude oil, the creative and artistic industry, manufacturing, technology and renewable energy.
In terms of agriculture, he said that Nigeria has 34 million hectares of arable land, with only 46% currently cultivated, which implies that there is a huge opportunity for agricultural production throughout the country.
He said there are industrial parks throughout the Nigeria designed to increase the export -oriented industries while attracting businesses.
On why Colombia is important for Nigeria, he said that the two countries can collaborate in agricultural opportunities and energy transition, among others.
By obtaining the plenary discourse on the commercial and investment panorama of Nigeria (impact, results and opportunities), the Minister of Industry, Commerce and Investments of Nigeria, Dr. Jumoke Oduwole, said that President Bola Tinubu has adopted bold structural measures to restore macroeconomic credibility.
He said that Nigeria emerged as the Fintech Potenza of the continent with the best unicorns domiciled in the country.
“Consequently, today we are proud to act as co-champions of digital trade within the African continental free trade area (AFCFTA),” he said.
