The Federal Government has called for urgent measures to unlock the vast but underutilised economic potential between Nigeria and Egypt, stating that bilateral trade between the two countries remains paltry at $211.2 million as of 2023.
The government noted that this is despite both countries commanding a combined population of 345 million, which is about a quarter of Africa’s population.
Minister of Foreign Affairs, Yusuf Tuggar, raised the concern on Monday at the second edition of the Nigeria-Egypt Business Forum in Abuja.
Tuggar said the current figures of $199 million in Egyptian exports to Nigeria and $12.2 million in Nigeria’s exports to Egypt revealed the imbalance and scale of untapped opportunities even as the Developing-8 (D-8) economic bloc, to which both nations belong, targets $500 billion in intra-bloc trade by 2030.
According to the minister, since 1961, Nigeria and Egypt have maintained a history of diplomatic relations founded on mutual respect, African solidarity, and shared aspirations for economic development and regional stability.
He said the recent elevation of the relationship between the two countries to a comprehensive partnership signifies both countries’ continued commitment to intensifying cooperation along the same lines.
Noting that Nigeria and Egypt are the only African members of the Developing- 8 Organisation for Economic Co-operation (D-8), with membership spanning three continents, he said the bloc is a unique intergovernmental organisation whose objective is to improve its members’ positions in the global economy, create new opportunities in trade relations and provide a better standard of living for its people.
According to him, the D-8, comprising Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye, represents a formidable economic bloc.
He said with a combined population of over 1.2 billion people and a total nominal GDP estimated at over $5 trillion as of 2024, the group holds immense market potential.
The minister, however, lamented that despite the significant potential, bilateral trade between Nigeria and Egypt within this framework remains notably low, with total trade volume at approximately $211.2 million in 2023.
He said, “Egypt’s exports to Nigeria were estimated to be $199 million, while Nigeria’s exports to Egypt were only about $12.2 million. Given this vast, under-utilised market and the current trade imbalance, Nigeria and Egypt must actively contribute to the D-8 Leaders’ ambitious target of increasing intra-D-8 trade to $500 billion by 2030.
“Both countries are witnessing dynamic shifts in industrialisation, infrastructure development, digital innovation, and human capital growth. This forum presents a golden opportunity to align our respective strengths with our shared needs across various sectors of the economy, including Solid Minerals and Renewable Energy, Agriculture and Water Management, ICT, Aviation, Pharmaceuticals, Manufacturing, Garment Industry (Leather) and Tourism.
“Both countries can leverage each other’s capabilities for mutual growth and development through collaboration. I am here to reassure you all today that the Nigerian government is fully supportive of the private sector to take advantage of the opportunities that abound.”
He said the forum comes at a pivotal time as the African Continental Free Trade Area (AfCFTA) gathers momentum, adding that as major signatories, Nigeria and Egypt must lead by removing trade barriers, harmonising regulations, and promoting investment.
He urged the private sector to lead efforts in building joint ventures and sectoral partnerships in solid minerals, renewable energy, ICT, agriculture, pharmaceuticals, and tourism..
Egypt’s Foreign Affairs Minister, Dr. Badr Abdelatty, who led a 30-member business delegation, noted that Egyptian exports to Africa had crossed $7.5 billion annually, out of $45 billion total exports, and pledged deeper collaboration in food security, pharmaceuticals, and localised manufacturing to turn Nigeria into a breadbasket for the region.
Abdelatty added that Egypt, which recently attained the World Health Organisation’s Maturity Level 3 for drug regulation, was poised to localise pharmaceutical production in Nigeria, ensuring safe and affordable medicines for millions, and creating jobs through joint ventures.
He emphasised the importance of transforming excellent political ties into dynamic, robust business partnerships, based on mutually beneficial benefits for both nations.
Nigeria’s Minister of State for Finance, Dr 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.
President of the Nigeria-Egypt Business Council (NEBC), Mr Muhammed Lere, pledged the council’s commitment to implementing business resolutions made at the forum.
