The federal government and the Republic of Colombia have signed a Memorandum of Understanding (MOU) on political consultations to open a new and significant chapter in relations between the two countries.

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

It was appended by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and the Deputy Minister of Multilateral Affairs, Ministry of Foreign Affairs, Colombia, Mauricio Jassir.

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

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

He said this should be driven by the private sectors of the two nations, exploring new opportunities, deepening partnerships, and addressing common challenges.

“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,” he said.

Mr Shettima said Nigeria had since diversified and expanded its exports beyond crude oil, with agriculture, minerals, and manufactured products as some of the new areas of concentration.

He said, “The tariffs that confront our exports in other parts of the world are a reminder of the danger of dependence on a narrow base.

“For Nigeria, this is a call to diversify our exports beyond crude oil, expanding into agriculture, minerals, and manufactured products.

”I believe that Colombia too, is bound by the determination to expand its economy beyond the bounds of tariff barriers.”

In response to global constraints, Mr Shettima explained that Nigeria was working towards elevating its agriculture from subsistence to a mega-business, as well as transforming smallholders into global conglomerates.

He said, “As a country, we are investing in innovative technologies for livestock breeding, developing machinery, producing chemical-based products such as fertilisers, herbicides, and pesticides, and creating a strong supply chain. This is also an area where partnerships with Colombia will be vital.

”In energy, Nigeria remains a leader in oil and gas, while Colombia has potential in coal and renewable energy.

“In manufacturing, from textiles to machinery, both nations can collaborate to build capacity, exchange knowledge, and attract the kind of investments that secure jobs and prosperity for our peoples.”

To take advantage of the opportunities that abound in their domains, Mr Shettima said Nigeria and Colombia must monitor “global trade policies to adapt swiftly”, diversify exports to reduce dependence on single products, and “create a business environment attractive enough for foreign investors.”

On cultural ties between both nations, Mr Shettima said, ”We must extend our acquaintance to each other’s literature, languages, music, films, arts, and festivals.”

The vice president of the Republic of Colombia, Francia Márquez, said her team was in Nigeria to reaffirm bilateral relations, noting that the country remains a strategic market for Colombia.

She stated that Colombia was currently exporting to Nigeria, particularly in the leather industry, adding that she seeks to explore new paths with Nigeria in renewable energy.

Mrs Márquez added, “Similarly, we can make progress in higher education by connecting Colombian and Nigerian youths.”

She thanked the Nigerian government for the hospitality, assuring, “We will work together for social development, social justice, peace, and security for our people.”

Earlier, Mr Tuggar maintained that Colombia’s history was tied to Nigeria, particularly during the slave trade when Nigerians found their way to Colombia.

He said the development was an opportunity to strengthen historical and economic ties between the countries and bolster trade.

(NAN)