Nigeria and Egypt have renewed their commitment to bolstering bilateral trade and economic cooperation, expressing disappointment over current trade volumes despite the vast market potential of both nations.

At the 2nd Nigeria-Egypt Business Forum held Monday in Abuja, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, revealed that trade between the two countries stood at just $211.2 million in 2023, with Egypt exporting $199 million worth of goods to Nigeria, while Nigeria’s exports totaled a mere $12.2 million.

“These figures are notably low, especially considering the size and potential of both economies,” Tuggar stated.
“As two of Africa’s most influential nations, our partnership has the potential to shape the future of intra-African trade and cooperation.”

He noted that Nigeria and Egypt are the only African members of the Developing-8 (D-8), a bloc representing over 1.2 billion people and a combined GDP of over $5 trillion as of 2024.

Tuggar urged deeper collaboration in agriculture, solid minerals, ICT, aviation, pharmaceuticals, manufacturing, renewable energy, and tourism. He also emphasized the need to dismantle trade barriers and harmonize regulations, especially in light of the African Continental Free Trade Area (AfCFTA).

Egypt’s Foreign Minister, Badr Abdelatty, described the forum as “critical” for unlocking trade potential, lauding Nigeria’s economic reforms and promising stronger Egyptian business presence in the country.

“We are proud of the Egyptian companies already operating in Nigeria and look forward to further deepening these economic ties,” Abdelatty said.

The forum served as a platform for private sector engagement, with both governments expressing hope that renewed dialogue and strategic partnerships will significantly boost trade volumes in the coming years.