Nigeria-Egypt trade volume reaches $211m

The Federal Government has disclosed that trade between Nigeria and Egypt has grown to $211.2 million as of 2023.

This was revealed by the Minister of Foreign Affairs, Yusuf Tuggar, during the second edition of the Nigeria-Egypt Business Forum held in Abuja on Monday.

Tuggar said both countries are working to deepen economic cooperation and expand trade opportunities.

He explained that the forum was more than just a gathering of business and government representatives, describing it as a “convergence of purpose” aimed at boosting economic ties.

Tuggar also noted that the Nigeria-Egypt Business Forum was established following the D-8 Forum, a coalition of developing nations including Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. These countries represent a combined population of 1.2 billion and a total GDP of $5 trillion.

Highlighting the potential of the African Continental Free Trade Area (AfCFTA), the minister urged member nations to leverage their positions within the D-8 to raise trade volume to $500 billion over the next decade.

Speaking at the event, Egypt’s Minister of Foreign Affairs, Immigration, and Expatriates, Dr. Badr Abdelatty, emphasized the importance of strengthening bilateral trade, especially in key sectors such as oil and gas, and agriculture. He noted that as two of Africa’s largest economies, Nigeria and Egypt have the capacity to significantly boost intra-African trade.