As the only two African members of the Developing-8 Organisation for Economic Co-operation (D-8), Nigeria and Egypt have concluded plans to contribute actively to the D-8 Leaders’ ambitious target of increasing intra-D-8 trade to $500 billion by 2030.
Areas of focus will include solid minerals and renewable energy, agriculture and water management, ICT, aviation, pharmaceuticals, manufacturing, garment industry and leather, as well as tourism. Minister of Foreign Affairs, Yusuf Tuggar, stated this on Monday in Abuja during his keynote address at the second edition of Nigeria-Egypt Business Forum.
Relatedly, Nigeria’s foreign investment drive received a boost, as executives of 30 biggest companies in Egypt were currently in the country searching for areas they could invest in.
The Egyptian Minister of Foreign Affairs, Immigration and Expatriates, Badr Abdel Aaty, gave the information in Abuja on Monday after a meeting with his Nigerian counterpart, Tuggar.
Tuggar said both countries were witnessing dynamic shifts in industrialisation, infrastructure development, digital innovation, and human capital growth, and the forum presented a golden opportunity to align their respective strengths with shared needs across the various sectors of the economy.
He raised concerns that despite the significant potential, bilateral trade between Nigeria and Egypt within the framework remained notably low, with total trade volume at approximately $211.2 million in 2023.
According to him, “Egypt’s exports to Nigeria were estimated to be $199 million, while Nigeria’s exports to Egypt were only about $12.2 million. Given this vast, under-utilised market and the current trade imbalance, Nigeria and Egypt must actively contribute to the D-8 Leaders’ ambitious target of increasing intra-D-8 trade to $500 billion by 2030.
“With a combined population of over 1.2 billion people (approximately 15 per cent of the world’s population) and a total nominal GDP estimated at over $5 trillion as of 2024, the group holds immense market potential.
“Nigeria and Egypt are the only African members of the Developing-8 Organisation for Economic Co-operation (D-8), with membership spanning three continents.”
Abdel Aaty said, “The D-8 is a unique intergovernmental organisation whose objective is to improve its members’ positions in the global economy, create new opportunities in trade relations and provide a better standard of living for its people”
He stated that Nigeria and Egypt shared a history of diplomatic relations rooted in mutual respect, African solidarity, and common aspirations for economic advancement and regional stability.
He said the recent elevation of the relationship between the two countries to a “comprehensive partnership also signifies our continued commitment to intensifying cooperation along the same lines.”
Abdel Aaty stated that as two of Africa’s most influential nations, the partnership had the potential to shape the future of intra-African trade and cooperation as already, “We have a combined population of 345 million or about a quarter of the continent’s population.”
He said, “Today’s forum should therefore not be regarded as a ceremonial event; rather, it is a strategic platform to unlock the vast potential within our countries.”
The D-8 comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye.
Abdel Aaty, who led the delegation of investors to Nigeria, listed agriculture, pharmaceuticals, industry, energy, mineral, oil and gas as some of the areas of interest to the investors.
He stressed that there were a lot of opportunities, with a conducive environment for investment.
Abdel Aaty, who was in Nigeria for the second time in his short spell as minister, also assured Nigeria of their seriousness to invest and do business in the country to the mutual benefits of both countries.
He said, “For me, I’m heading a big delegation. We have more than 30 giant companies in Egypt, in different sectors, in agriculture, in pharmaceuticals, in industry, in energy, in mineral, oil and gas, you name it.
“They are here because there are a lot of opportunities, a conducive environment for investment and we are committed to come, to invest, to do business here based on a win-win situation.”
The minister, while lamenting the low trade volume between both countries, said his visit with the delegation was part of efforts to boost Egypt-Nigeria bilateral relations, which he said was not where it ought to be.
According to him, “The current trade volume between our two countries does not meet or correspond with the weight of two giants in Africa, Nigeria and Egypt.
“This is very minimal. We have to double and even triple the trade volume in order to match the weight of the two countries. And we are fully committed, we have the political will from Nigeria, from Egypt to do and I’m fully committed to work with my dear brother Minister Yusuf to hopefully double and triple the trade volume in the near future.”
Abdel Aaty said they were working on the instruction of the heads of government of both countries to enhance cooperation and bilateral relations.
He added, “Our political relationship is more than excellent, but we have to do more on economic trade and investment based on a win-win situation. Nigeria is the largest country in Africa. Nigeria is the gateway to Africa, not only to the west and central of Africa, but to all Africa.
“That’s why, as my brother Youssef mentioned, I’m starting my tour from here, from Abuja, in recognition of the strategic status of this great country.
“The two leaders met before in Rio de Janeiro on the side of the G20 meeting and they agreed to elevate our relationship into a comprehensive and strategic partnership and this is our task as foreign ministers to do more and to enhance our cooperation.”
Kuni Tyessi and Michael Olugbode
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