Nigeria-Egypt trade volume hits $211m – FG
The Federal government has revealed that the trade volume between Nigeria and Egypt has reached $211 million. Minister of Foreign Affairs, Yusuf Tuggar, who made the disclosure in Abuja on Monday at the second edition of Nigeria-Egypt Business Forum, added that both countries are exploring ways of improving trade relations. The minister stated that the meeting […]
foreign affairs minister, tuggar
The Federal government has revealed that the trade volume between Nigeria and Egypt has reached $211 million.
Minister of Foreign Affairs, Yusuf Tuggar, who made the disclosure in Abuja on Monday at the second edition of Nigeria-Egypt Business Forum, added that both countries are exploring ways of improving trade relations.
The minister stated that the meeting was not only for business and government representatives but also a convergence of purpose.
“The Nigerian Egypt business forum was formed after the D8 Forum with membership spanning 4 continent to improve members position in the global economy and provide a better standard of living.
“These countries include Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey with a combined 1.2bn people and $5 trillion
“Currently, trade volume between Nigeria and Egypt has reached $211.2m as at 2023. However, we must leverage our position as D8 member countries and increase trade to $500bn in the next decade by taking advantage of the opportunities that abound as the AfCFTA,” Tuggar said.
Also in his remarks, the Minister of Foreign Affairs, Immigration and Expatriates of Egypt, Dr. Badr Abdelatty, noted that the Forum was crucial to advance trade discussions and improve trade volumes beyond the current figures
“Nigeria and Egypt are part of the biggest economies in Africa, as such the meeting is critical to explore trade relations in different sectors including oil and gas, agriculture among others,” he said.