Nigeria and Colombia, yesterday, signed a Memorandum of Understanding (MoU) on political consultations, marking a new phase in their diplomatic and economic relations.
 
The MoU, signed at the Presidential Villa, Abuja, during the Nigeria-Colombia Bilateral Meeting and Business Forum, was endorsed by Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, and Colombia’s Deputy Minister for Multilateral Affairs, Mauricio Jaramillo Jassir. 
 
It provides for regular political dialogue and easier visa processes for Colombian diplomats. Speaking at the forum, Vice President Kashim Shettima challenged both countries to translate their vast potential into concrete economic gains, urging private sector actors to drive partnerships in trade, agriculture, culture, and investment.
 
“We cannot achieve this unless we compare our differences and similarities, as well as our resources and potential.  

“The private sectors of our two nations must take advantage of these opportunities and transform them into tangible economic gains,” Shettima said. 

Shettima stressed that Nigeria, faced with global tariff barriers and the unpredictability of the global economy, was diversifying its exports beyond crude oil to agriculture, minerals, and manufactured goods. He added that the government was investing heavily in large-scale agriculture, innovative technologies, and value chains, areas where Colombia could play a strategic role.
 
Colombian Vice President, Francia Márquez, reaffirmed her country’s commitment to deepening ties, describing Nigeria as a “strategic market” for Colombia.  She noted that Colombia already exports leather products to Nigeria and expressed interest in expanding into renewable energy, higher education, and technology partnerships.
 
Also speaking, Nigeria Investment Promotion Commission’s Deputy Director, Emmanuel Longza, outlined Nigeria’s investment opportunities, including 34 million hectares of arable land, vast mineral deposits, and a booming technology and creative sector.
 
On her part, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said Nigeria, under President Bola Tinubu, had undertaken bold reforms, removing fuel subsidies, unifying exchange rates, and tightening fiscal policies, to restore macroeconomic stability. She added that Nigeria had become the continent’s fintech powerhouse and co-champion of digital trade under the African Continental Free Trade Area (AfCFTA).