By Nurat Uthman
The Federal Government of Nigeria and Angola have recently strengthened their ties in an effort to drive economic development and foster bilateral trade.
Reports says the increased collaboration will enhance economic cooperation and create opportunities for companies from both nations to explore untapped markets and investment prospects. Angola’s thriving economic landscape and Nigeria’s vast resources offer great potential for mutually beneficial partnerships.
Speaking at the first interactive Angola-Nigeria business forum held in Abuja on Thursday, the Secretary of State for International Cooperation and Angola communities, Domingos Lopes, disclosed that Nigeria’s exports to Angola hit $ 16.8 million between 2020 and 2022.
He said that the substantial growth in trade volume reflects the increasing demand for Nigerian products in Angola and highlights the potential for further economic collaboration.
The Secretary, who represented the Minister of External Relations, Téte Antonio, said the ties between both countries were marked by signing the first economic, technical, scientific and cultural cooperation agreement in 1976.
He added that the exchange between the duo has been remarkable in diplomatic, defense and security, petroleum, education, culture and transportation.
“In the last three years (between 2020 and 2022), Angola’s exportation of goods to Nigeria was estimated at USD 5.6 million and its importation stood at USD 16.8million, corresponding to a negative trade balance of about USD 11.2million,” he stated.
Concerning the main product group, Angola exported crude oil weighing about 42% to Nigeria, optics and precision accounting for 20%, and mechanical machines and devices with their function, accounting for 14% of the total volume of exports.
In the area of importation of the acquired product group were machine and apparatus, CKD, plastics, rubbers and other transport materials. These groups in their total represent more than half of the total exportation during the period (41%,19% and 15% respectively).
He also noted that Angola counts on the support of Nigeria during its economic reform.
Lopes stated “The present international system is facing various challenges.
“Angola being part of the system is witnessing a special moment marked by structural reforms that aim to transform its macroeconomic situation.
“To achieve this objective, the Angolan government intends to count on the support of friendly countries who are always on its side, and one of these is indisputably Nigeria.”
The Minister of Information and National Orientation, Mohammed Idris, said the administration of President Bola Tinubu will continue to strengthen both mutual ties, through a deliberate pursuit of productive bilateral relations.
Idris explained, “President Bola Tinubu is desirous to deepen the relationship between Nigeria and other African countries, including Angola.
“Among other things, we are working on signing a Memorandum of Understanding on Public Communication and Media Exchange with the Embassy of Angola in Nigeria, as part of efforts to deepen our relationship.
“Nigeria is very much keen to support Angola’s domestic and foreign aspirations and the country’s overall development, and we expect reciprocity in this regard.”
The Angola Ambassador to Nigeria, Amb. Jose Zau said the forum will help strengthen the economic ties between Nigeria and Angola.
