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Nigeria/Egypt trade volume hits $120

By Amalu Chinyere

ABUJA—The Egyptian Ambassador to Nigeria, Sherif Naguib, weekend, disclosed that trade volume between Nigeria and Egypt reached 120 million dollars in 2008.

Disclosing this at the inauguration of the Nigeria/Egyptian Business Council (NEBC), the ambassador said the there are a lot of “businesses under the table.”

He said, “With 11 flights every week between Egypt and Nigeria, the existing relations open a lot of opportunity that needs to be tapped for the future. The structure of the Nigerian/Egypt Business Council is tailored in a manner that is totally private business-oriented without government interference.

“We were only facilitators and have given the chance to Egyptians and Nigerians to sit together and come up with the business council. Today the NEBC is a reality. We are also working with the Nigerian Ambassador in Egypt to have a similar council based in Cairo.”

He noted that with the establishment of the Council, Egypt will like to hold a business forum in November this year in Nigeria which will coincide with the Egyptian cultural week, adding that they intend to organise a business trip for business men of NEBC to liaise with their counterpart in Egypt.

In his address, the Executive Secretary of Nigerian Investment Commission (NIPC) Engr. Mustafa Bello, said the establishment of the Business Council will afford Nigeria the opportunity to learn a lot from Egypt especially in the area of electricity and Agriculture.


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