Egypt, Nigeria Leverage Bilateral Ties To Boost Trade

Arab Republic of Egypt and Nigeria appear to be harnessing the potential of a robust diplomatic relations between both countries to increase the volume of trade and ramp up collaboration in other diverse sectors.

Ambassador of Egypt to Nigeria Mohamed Fouad told reporters that strengthening collaboration on trade and investment has become necessary, following low trade volume between both countries, which as of 2023 stood at $190 million.

The envoy said this during events organized to commemorate the 72nd Anniversary of Egypt National Day celebrated on 23rd of July in deference to the July 1952 Egyptian revolution spearheaded by the Free Officers led by Gamal Adel Nasser, which ended the monarchy of King Farouk.

According to the envoy in his speech “Our National Day which commemorates the 23rd of July 1952 Revolution marks a momentous event that catalysed the process of de- colonization, and helped shaping the post- colonial order in Africa. It also contributed to the emergence of the Global South as a distinct geopolitical power that advocates principles such as freedom, independence, right to development, and a just world order.

“Today, Egypt and other African countries strive to address challenges that are not less enormous than those they en countered during the struggle for independence. These challenges include the need to invest in human capital, energy transition, and infrastructure development, bolster economic growth and create jobs, combat terrorism and extremism, and empower youth and women.”

The envoy noted that Egypt and Nigeria have been redefining their longstanding and historic ties. He said peoples and governments of both countries are tapping into their enormous economic and cultural potentials and working towards solidifying the partnership.

It is instructive that the two countries have mapped out strategies to build capacity in areas of security, countering-terrorism, energy, communications and digital transformation, trade, and infrastructure, agriculture, health care and modern education. The two countries are proceeding with determination on the path to forge a modern and forward-looking partnership anchored on common values and shared objectives.

A veritable platform to improve ties for mutual benefits is the upcoming third round of bilateral political consultations in Abuja during the last quarter of the year. Another upcoming meeting is the Egypt-Nigeria Business Council in Lagos next September, which will help connect the business communities of the two countries, providing them with the opportunity to explore possible ways and means to enhance bilateral trade and investments relations.

Earlier this month, Egypt hosted the fourth edition of the Aswan Forum for Sustainable Peace and Development under the theme “Africa in a Changing World: Re-envisioning Global Governance for Peace and Development” featuring a diverse high level participation from across the continent, as well as from partner countries and organizations.

According to Ambassador Fouad, the Forum focused on amplifying and advancing Africa’s priorities in the areas of peace, security and development, stressing that Nigeria’s perspectives and contributions to regional peace and security were highly appreciated during deliberations of the Forum.

Recall that Professor Babagana Zulum, Executive Governor of Borno State was the main speaker in a spotlight session titled “Borno of Hope: Driving Local Solutions for Peace and Development”, where he expatiated  the success story success of Borno in combating terrorism, and celebrating its transition into a new chapter of peace building.

“Governor Zulum underscored the imperative of advancing nationally and locally- owned responses and promoting durable solutions to internal displacement. He also highlighted – in the process – key lessons learned that can be applied in other areas in Africa.

“The Forum also featured the launch of the Inaugural Aswan Award on Post-Conflict Reconstruction and Development, which aims to recognize and bring forward African-owned solutions and responses to the continent’s most pressing challenges.

“We are very proud that the award was conferred on the “Neem Foundation” of Nigeria, in recognition of their impactful work in strengthening resilience, fostering peace and development among conflict-affected communities across Nigeria and the Lake Chad Basin Region.

“Our respective compatriots in Egypt and in Nigeria play a crucial role in advancing the various facets of our partnership. They will continue to serve as the engine advancing our common objectives,” the envoy stated.