Former President Olusegun Obasanjo and ex-Senate President Bukola Saraki have advocated stronger trade ties between Nigeria and Angola, emphasising the need for an improved economic partnership between the two Africa leading oil producers.
These remarks were delivered during a Diplomatic-Business Investment brainstorming session organised by the Angola-Nigeria Business Council over the weekend, where Obasanjo served as a special guest of honour.
Other notable personalities at the event held in Lagos include Princess Fifi Ejindu, Edem Duke, Segun Awolowo, Vice President of the Council, and Antonio dos Santos Domingos.
The former President emphasised the necessity for a significant boost in trade ties between the two nations, highlighting the inadequacy of the existing relationship.
The session, aimed at fostering collaboration, focused on unlocking the untapped potential for economic cooperation between Nigeria and Angola.
Obasanjo said, “Sadly, there is no Foreign Direct Investment between Nigeria and Angola. This means trade between the two biggest oil exporters is zero, and this is not good enough. Angola is importing from the rest of the world what it can actually get from Nigeria and Nigeria doing likewise, we should trade between ourselves.
“Comparatively, we supply what they don’t have and they also supply what we don’t have. It’s true we have some infrastructural deficits which both government and the private organisations can also latch on to invest.”
The former President advised that attention should be on African countries’ benefits from their own products, as it aligns with the goal of promoting intra-African trade and economic self-sufficiency.
He expressed concerns about infrastructural deficits, particularly in transportation and highlighted the challenges that needed to be addressed to facilitate seamless trade between nations.
“One of the things the leaders of the post-independence achieved is to promote the African Continental Free Trade Agreement,” he said.
The AfCFTA aims at accelerating intra-African trade and boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
The Secretary of the National Action Committee of AFCFTA, Nigeria, Olusegun Awolowo, said the lack of Foreign Direct Investment between Nigeria and Angola underscored the untapped potential for economic engagement between the two largest oil exporters in Africa.
Speaking on the efforts to address trade barriers and streamline visa processes, the President of the Angola-Nigeria Business Council, Fifi Ejindu, called for a positive step toward fostering smoother trade ties between Nigeria and Angola.
According to her, the support from Angolan government authorities further reinforces the potential for progress in this regard.
Ejindu said that the engagement of Nigerian investors and the anticipated business activities in Angola indicated growing interest and participation in the trade initiatives discussed.
A former Minister of Finance in Angola, Armando Manuel, said that a positive assessment of the recent diplomatic-business investment meeting signaled the fruitful nature of the discussions and the potential for tangible outcomes in the near future.
“We are awaiting Nigerian investors to come to Angola because we already have the expertise in various sectors.”
