Nigeria, Angola Strengthen Economic Ties As Export Hits $16.8m

Nigeria and Angola, in an effort to enhance economic growth and promote bilateral trade, have strengthened their cooperation.

This was revealed during the inaugural Angola-Nigeria Business Forum held in Abuja recently.

Speaking during the business forum in Abuja, the Secretary of State for International Cooperation and Angolan Communities, Domingos Lopes, who represented the minister of external relations, Angola, His Excellency Téte Antonio, stated that Angola will invest more in strengthening economic and commercial relationship with Nigeria in other to gain vast experience in the diversification of economic production.

He said the ties between both countries were established with the signing of the first economic, technical, scientific, and cultural cooperation agreement in 1976. He added that the exchange between the two countries has been significant in the diplomatic, defense and security, petroleum, education, culture, and transportation sectors.

“In the last three years (between 2020 and 2022), Angola’s export of goods to Nigeria was estimated at USD 5.6 million, and its imports stood at USD 16.8 million, resulting in a negative trade balance of about USD 11.2 million,” he explained.

He also said Angola is seeking Nigeria’s support during its ongoing economic reform. 

Lopes affirmed the importance of friendly nations like Nigeria as Angola embarks on structural reforms to transform its macroeconomic landscape.

Angola’s ambassador, Mr. Jose Bamoquina Zau, highlighted the determination to bring a significant number of Angolan investors to Nigeria, fostering strong partnerships in various sectors, including manufacturing, mining, oil and gas, commerce, tourism, and education.

Nigeria’s minister of information and national orientation, Alhaji Mohammed Idris, affirmed Nigeria’s eagerness to support Angola’s domestic and foreign aspirations, expecting reciprocity. He highlighted the shared history and importance of both countries within international organisations like the Non-Aligned Movement and the Organization of Petroleum Exporting Countries (OPEC).

The minister stressed the need for Nigeria and Angola, as major African economies, to play pivotal roles in uniting and developing the African continent, adding that the government of President Bola Ahmed Tinubu, is committed to strengthening bilateral relations and advancing productive collaboration.

An 8-man Angola-Nigeria Business Council was inaugurated during the event.

During her vote of thanks, the president of the Angola-Nigeria Business Council, Fifi Ejindu, said the council was established to serve as a driver for economic cooperation between the two countries, with the private sector of both nations taking the lead. She said, “We will continue in the council to seek opportunities for investment and support entrepreneurship on a global level. So, the job has just begun, but I assure you that we are very committed to this cause.”

The event attracted business moguls from BUA Group, Air Peace, and others as well as the diplomatic community.