The Minister of Foreign Affairs, Yusuf Tuggar, has reaffirmed Nigeria’s commitment to strengthening diplomatic and economic relations with Egypt.

Speaking at the opening of the Nigeria-Egypt Business Forum in Abuja on Monday, Mr Tuggar highlighted the historic ties between the two nations, dating back to 1961, rooted in African solidarity and shared development goals.

However, he expressed concern over the low volume of bilateral trade, which stood at just $211.2 million  in 2023, with Nigeria’s exports accounting for only $12.2 million.

He called for concerted efforts to balance the trade relationship and urged both countries to work towards achieving the Developing-8 (D-8) group’s goal of boosting intra-bloc trade to $500 billion by 2030.

Mr Tuggar emphasised the need for collaboration in key sectors, such as solid minerals, agriculture, renewable energy, ICT, aviation, pharmaceuticals, garments, leather, and tourism.

“The private sector is the real driver of integration. Let this forum ignite deeper collaboration, joint ventures, trade facilitation, and technology transfer.

“Now is the time for action and partnership. Let us move forward not just as partners, but as brothers and sisters bound by history, vision, and destiny,” he said.

He also stressed the importance of supporting the African Continental Free Trade Area (AfCFTA) through regulatory harmonisation, the removal of trade barriers, and investment promotion.

Mr Tuggar described the forum as a strategic platform for unlocking the vast potential between the two African economic giants, especially in food security.

Egypt’s Minister of Foreign Affairs, Badr Abdelatty, revealed that trade between both countries grew from $187 million in 2023 to $315 million in 2024.

While welcoming the increase, he noted that it still fell short of the potential offered by both economies.

“We must diversify the nature of our trade and fully leverage the African Continental Free Trade Agreement,” Mr Abdelatty said.

He cited Nigeria’s 2023 export of $160 million worth of LNG to Egypt as an example of beneficial complementarity.

Nigeria’s Minister of State for Finance, Doris Uzoka-Anite, reaffirmed that the country remained open for business under President Bola Tinubu’s leadership.

She noted that bold fiscal, monetary, and regulatory reforms were underway to improve the investment climate and ease of doing business.

Also present was Muhammed Lere, the president of the Nigeria-Egypt Business Council (NEBC), who pledged the council’s commitment to implementing the business resolutions made at the forum.

He encouraged participants to pursue business dealings through proper channels to maximise benefits and avoid litigation.

(NAN)