Egyptian Ambassador to Nigeria, Mohamed Fouad, has expressed concern over the low trade volume between Egypt and Nigeria, which stood at $190 million in 2023. Speaking at the commemoration of Egypt’s 72nd anniversary of the 23rd July Revolution in Abuja, Ambassador Fouad highlighted ongoing efforts to enhance bilateral trade.
During the event, Ambassador Fouad acknowledged the surprisingly low level of trade between the two nations but emphasized that steps are being taken to improve it. He revealed that two major initiatives are planned to foster stronger economic ties: bilateral political consultations in Nigeria during the last quarter of the year and a business council meeting in September.
“In terms of volume of trade, the 2023 figure of $190 million does not reflect the economic potential of both countries. We aim to focus on realizing our potential as the biggest countries on the continent,” said Ambassador Fouad.
He noted that Egypt and Nigeria face significant challenges, such as investing in human capital, energy transition, infrastructure development, economic growth, job creation, combating terrorism, and empowering youth and women. Despite these challenges, both nations are redefining their historic ties and exploring various sectors, including security, energy, digital transformation, trade, agriculture, healthcare, and education.
Ambassador Fouad expressed optimism about the future of Egypt-Nigeria relations, stating, “We are gearing up 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 Egypt-Nigeria Business Council meeting in Lagos next September, which will connect our business communities and explore ways to enhance bilateral trade and investment relations.”
The ambassador’s remarks underscore a commitment to strengthening the partnership between Egypt and Nigeria, aiming for a modern, forward-looking collaboration anchored in shared values and objectives.
