Nigeria, Morocco boost strategic dialogues with new initiative

The Nigeria Economic Summit Group (NESG), the Africa Economic Development Policy Initiative (AEDPI), and OCP Policy Centre of Morocco, have partnered to launch the maiden edition of the “Morocco-Nigeria Strategic Dialogues, which focuses on enhancing opportunities for growth and development.

The partnership would bridge the gap; serve as a catalyst for debate, initiate ideas related to the economic future of both countries, as it provides a platform for comparative analysis of the challenges and potential of the two economies as well as possible actions to promote complementary exchanges and synergies between them.

In a statement signed by the Managing Director, OCP Policy Centre, Karim El Aynaoui, the edition will focus on fiscal and monetary policies in times of uncertainty; the complementarities between Nigeria and Morocco in the energy sector. It will also assess the role of financial markets, and the mobilisation of local resources, as well as the role of youth and diaspora at the regional and continental levels.

“It will also explore the roles of Morocco and Nigeria, as two strategic players within the African continent,” Aynaoui was quoted, adding that these two emerging countries have considerable leverage and relevant experience in multiple sectors.

“When it comes to the role of fiscal and monetary policies, it is worth noting that price stability is important in avoiding prolonged inflation and deflation and represents a significant objective of monetary policy. Monetary and fiscal policies are both very important in ensuring a stable economy, and Central Banks and Ministries of Finance have an important role to play in mitigating the impact of commodity prices fluctuation on the economic activity, and how they can work to provide price stability,” the statement continued.

With regards to the mobilisation of local resources, it said majority of African countries are subjected to crippling foreign debts, which could, ultimately, paralyse the economic capacities of the country if the foreign debt to GDP ratio remains dangerously high.

This session during the conference, aims to explore the impact of the reliance on foreign financial markets on macroeconomic policies, as well as discussing the role that could be played by the domestic financial system in balancing the effects of the foreign financial aid systems.

To unlock African agricultural potential, and in the spirit of both countries’ commitment to South-South cooperation, Morocco and Nigeria strive to strengthen their partnership in the sector by promoting joint initiatives.

This is reflected in several Memoranda of understanding (MOUs) signed between OCP Group, Fertilizers Producers and Suppliers Association of Nigeria (FEPSAN), and the Nigeria Sovereign Investment Authority (NSIA).