Nigeria, Colombia Deepen Political, Economic Ties

Nigeria and Colombia have signed a historic Memorandum of Understanding (MOU) on political consultations, which the two countries described as opening a new chapter in their relations.

The MoU was signed yesterday during the Nigeria-Colombia Bilateral Meeting and Business Forum at the Presidential Villa, Abuja.

The minister of Foreign Affairs, Ambassador Yusuf Tuggar represented Nigeria, while the deputy minister, Multilateral Affairs, Ministry of Foreign Affairs, Colombia, Mauricio Jaramillo Jassir, stood for his country.

Jassir said on the bilateral front, the MoU relates to “frequent political dialogue” with Nigeria and visa approvals for its diplomats, making it easier for them to visit Nigeria.

At the plenary session of the Nigeria-Colombia Business Forum, Nigeria’s Vice President, Senator Kashim Shettima, implored both countries to take advantage of their abundant potential and turn them into palpable and substantial economic gains.

Shettima, through a press statement released by his spokesman, Stanley Nkwocha, said this should be driven by the private sectors of the two nations, exploring new opportunities, deepening partnerships and addressing common challenges.

“We cannot achieve that unless we compare our differences and similarities, as well as our resources and potential. This is a practical way to propel trade and investment, improve agriculture, foster culture and exchange ideas that will mutually benefit our countries.

“The private sectors of our two nations are therefore urged to take advantage of the abundant potential of our countries and transform them into tangible economic gains,” the VP said.

Shettima said while scepticism about the global economy and its unpredictable politics, which routinely underbids, is redefining trade patterns, Nigeria has since deemed it necessary to diversify and expand its exports beyond crude oil, with agriculture, minerals and manufactured products as some of the new areas of concentration.

In response to the global constraints, Shettima said Nigeria is working towards elevating its agriculture from subsistence to mega-business, as well as transforming smallholders into global conglomerates.

He said both nations must diversify exports to reduce dependence on single products, and “create a business environment attractive enough for foreign investors,” adding that by pursuing these, both nations “can turn shifting tides into shared prosperity.”

For her part, Márquez said her team was in Nigeria to reaffirm bilateral relations, noting that the country remains a strategic market for Colombia.

She said Colombia is currently exporting to Nigeria, particularly in the field of leather, adding that she seeks to explore new paths with Nigeria in renewable energy.

She added that similarly, “we can make progress in higher education” by connecting Colombian and Nigerian youths.

Delivering the plenary address on Nigeria’s Trade and Investment Landscape (Impact, Achievements, and Opportunities), Nigeria’s minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said President Bola Tinubu has taken bold structural steps to correct long-standing macroeconomic distortions through the removal of the petroleum subsidy, exchange rate unification, and fiscal tightening to restore credibility.

She added that Nigeria has emerged as the continent’s fintech powerhouse with top unicorns domiciled.

“As a result, today we are proud to serve as co-champions of digital trade under the African Continental Free Trade Area (AfCFTA),” she added.