Egyptian Ambassador to Nigeria, Mohamed Fouad has decried the volume of trade between Egypt and Nigeria which stood at $190 million in 2023, stating that concerted efforts are already on to improve it.
Speaking at the commemoration of Egypt’s 72nd anniversary of the 23rd July Revolution in Abuja, the envoy who expressed suprise at the level of bilateral relations between both countries, said he was however glad that deliberate efforts are on to improve on it going forward.
He said two major programmes have been lined up as part of the efforts to improve interactions between both countries.
He noted that bilateral political consultations scheduled to hold in Nigeria during the last quarter of the year and the business council in September, are aimed at bettering the relations between the two countries.
He said: “In terms of volume of trade I have the numbers of 2023, $190 million as I said, these figures does not live up to the economic potential of both countries.
In short, this is why we’re trying to focus and to live up to our potential as the biggest countries in the continent.”
He added, “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.
“In this connection, Egypt and Nigeria have been redefining their longstanding historic ties.
“Our peoples and governments are tapping into their enormous economic and cultural potentials as we envisage the next chapter of our solid partnership. From security, countering-terrorism, to energy, communications, digital transformation, trade, and infrastructure, to agriculture, health care and modern education, our two countries are proceeding with determination on the path to forge a modern and forward-looking partnership anchored in our common values and shared objectives.
“Against this backdrop, we are gearing up – together with our Nigerian colleagues – to hold the third round of our bilateral political consultations in Abuja during the last quarter of this year. We also look forward to the upcoming meeting of the Egypt-Nigeria Business Council in Lagos next September, which will help connect the business communities of our two countries, providing them with the opportunity to explore possible ways and means to enhance our bilateral trade and investments relations.”
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