By Matthew Denis
Egypt and Nigeria are mapping out a comprehensive plan to boost trade and economic cooperation, with the goal of making the African continent more competitive. Chief executives of 30 of Egypt’s largest companies are currently in Nigeria exploring investment opportunities.
Egypt’s Minister of Foreign Affairs, Immigration and Expatriates, Badr Abdel Aaty, disclosed this on Monday after meeting with Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, in Abuja.
Leading the high-level delegation, Abdel Aaty said the visiting investors were interested in agriculture, pharmaceuticals, industry, energy, minerals, and the oil and gas sectors.
He described Nigeria as offering “a wealth of opportunities and a supportive environment for investment,” assuring that Egyptian businesses were committed to mutually beneficial ventures.
“For me, I’m heading a major delegation. We have more than 30 leading companies from Egypt across various sectors. They are here because the opportunities are vast, and we are ready to invest and do business on a win-win basis,” Abdel Aaty said.
Expressing concern about the relatively low trade volume between the two countries, he said the visit aimed to strengthen Egypt–Nigeria bilateral relations.
“The current trade volume does not reflect the economic weight of two of Africa’s biggest economies. We need to double or even triple it to match our potential. Both governments have the political will, and I am committed to working with Minister Yusuf to make this happen,” he stated.
Abdel Aaty added that both countries were working under the directives of their leaders to enhance cooperation. “Our political relations are excellent, but we must do more to strengthen economic and investment ties. Nigeria is Africa’s largest country and a gateway to the continent, making it the ideal partner for this strategic partnership,” he said.
He recalled that President Bola Tinubu and Egyptian President Abdel Fattah el-Sisi had agreed to elevate relations to a “comprehensive and strategic partnership” during their meeting at the G20 summit in Rio de Janeiro.
Minister Tuggar noted that several areas were under discussion for collaboration, including agriculture, power, energy, gas, and mining. He added that the Egyptian delegation would also participate in the Jigawa State Business Forum.
“They have companies that have transformed deserts into fertile farmland in Egypt and are eager to replicate such success in Nigeria. Other investors are already assessing opportunities in the energy, gas, and mineral sectors,” Tuggar explained.
He revealed that both nations were working to establish a joint commission to consolidate initiatives, including existing chambers of commerce, in order to accelerate trade and investment activities.
