Business

October 9, 2022

Nigeria-Egypt trade volume hits $141m — Envoy

Nigeria-Egypt trade volume

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—NECSEF inaugurates Cairo office to promote bilateral economic and business relations
—Opens Conference on Monday

By Johnbosco Agbakwuru, ABUJA

The Nigerian Ambassador to Egypt, Nura Abba Rimi, has said that the current trade volume of the two countries has hit $141 million

This is as the maiden edition of the Nigeria–Egypt Trade Conference and Exhibition (NETCE) is expected to begin on Monday, October 10, 2022, in Cairo, Egypt.

The two-day conference is jointly organised by the Nigeria-Egypt Cultural and Socio-Economic Forum (NECSEF) in collaboration with the Embassy of Nigeria in Cairo, Egyptian African Businessmen’s Association (EABA) under the auspices of the Government of Egypt.

A statement by Abdul-Razaq Saliu Musa, Executive Assistant to the President, NECSEF, explained that the
the conference will bring together government ministers, governors, and ambassadors from Nigeria and Egypt along with over 300 delegates, visitors and exhibitors.

It stated, “Over the course of two days in the ancient city of Cairo, businessmen and women from Africa’s two largest economies will engage in Business-to-Business sessions, exchange ideas and attend exhibitions from participating Nigerian and Egyptian companies, showcasing their products and services.

“An industrial tour, scheduled for October 12, will afford the Nigerian participants to learn about the industrial environment and the latest technology in Egypt.

“NETCE 2022 is meeting under the theme ‘‘For Africa, By Africa’’, exploring the African Continental Free Trade Area (AfCFTA).”

Speaking about the conference, the president of NECSEF, Mahmood Ahmadu, said:

‘‘We welcome all delegates to NETCE 2022. Twice we have had to postpone this meeting but we are excited it is happening and it is providing limitless opportunities for us to enhance trade between Nigeria and Egypt to a new and enviable height.’’

The statement added that earlier on Sunday, the organisation took advantage of the gathering to inaugurate its corporate office in Cairo.

“The building co-locates Online Integrated Solutions (OIS), a multi-national company also owned by Mahmood Ahmadu, which provides services for Nigerian Foreign missions, Nigerians in the Diaspora, and NECSE.

“The Nigerian Ambassador to Egypt, Nura Abba Rimi, put the current trade volume of the two countries at $141 million.”

He expressed optimism that with the successful implementation of reforms promoting transparency and efficiency in the business environment as well as economic diversification into real sectors like agriculture, mining and manufacturing, Nigeria is ready to work towards achieving much higher levels of bilateral trade with Egypt.

The Ambassador said the high population growth rate and the size of the two largest economies in Africa present a win-win situation for the two countries.

Confirmed speakers at the event include Governor Nasir Ahmad El-Rufai of Kaduna State, the Minister of State for Works and Housing, Umar Ibrahim El-Yakub, the Minister of Water Resources, Suleiman Adamu, the Minister of State, Industry, Trade and Investment, Amb. Mariam Katagum, the Executive Director, Chief Executive Officer, Nigerian Export Promotion Council (NEPC), Dr Ezra Yakuzak, the Executive Secretary/CEO, Nigeria Investment Promotion Commission, Mrs Saratu Umar, and Dr Kassim Gidado, representing Nigeria-Arabian Gulf Chamber of Commerce.

Others are Dr Yousry El Sharkawy, chairman of EABA; Walid Gamal El Din, Chairman of the General Authority, Economic Zone, Suez Canal; Dr Sherif El-Gabaly, Chairman, African Affairs, Egyptian House of Representatives and Engr. Tarek El Gammal, Chairman, Redcon Construction.