Obasanjo Advocates Strong Economic Bond Between Nigeria And Angola, Highlights Potential Collaborations

Obasanjo Advocates Strong Economic Bond Between Nigeria And Angola, Highlights Potential Collaborations

In a notable diplomatic-business investment meeting held in Lagos, former Nigerian President Olusegun Obasanjo urged for intensified economic ties between Nigeria and Angola…..READ MORE

Serving as the special guest of honour at the event, Obasanjo emphasized the importance of exploring the considerable potential for collaboration between the two nations.

Fostering Bilateral Relations

The meeting, which centered on diplomatic and business investments, aimed to underscore the possibilities for increased bilateral relations. Obasanjo’s presence highlighted the significance of fostering economic partnerships within Africa, promoting a commitment to advancing collaboration on the continent.

Addressing Trade and Economic Self-Sufficiency

Obasanjo urged a focus on the benefits African countries can derive from their own products, aligning with the goal of enhancing intra-African trade and achieving economic self-sufficiency. He raised concerns about infrastructural deficits, particularly in transportation, stressing the need to address challenges hindering seamless trade between nations.

“We are still battling with high deficits in transportation. For instance, moving goods between two countries; Congo DR and Congo Brazzaville is still a problem. We need to solve these challenges of moving goods around,” Obasanjo remarked.

Untapped Economic Potential

Expressing disappointment in the lack of Foreign Direct Investment (FDI) between Nigeria and Angola, Obasanjo and Mr Olusegun Awolowo, the Secretary of the National Action Committee of AFCFTA, highlighted the untapped potential for economic engagement between the two largest oil exporters in Africa.

“Sadly, there is no Foreign Direct Investment (FDI) between Nigeria and Angola. This means trade between the two biggest oil exporters is zero, and this is not good enough,” Awolowo stated.

Both leaders emphasized the need for increased trade between the two nations, with each supplying what the other lacks. They encouraged collaboration between the governments and private organizations to address infrastructural deficits and stimulate investments.

Positive Steps Towards Enhanced Trade Ties

President of the Angola-Nigeria Business Council, Mrs Fifi Ejindu, called for positive steps to foster smoother trade ties between Nigeria and Angola. Acknowledging the support from Angolan government authorities, she expressed optimism about progress in addressing trade barriers and streamlining visa processes.

Dr Armando Manuel, former Minister of Finance in Angola, noted the positive outcomes of the diplomatic-business investment meeting, anticipating tangible results in the near future. He highlighted opportunities in various sectors, including pharmaceuticals, agriculture, and infrastructure.

Former Senate President, Bukola Saraki, expressed anticipation for the outcomes of the Angola-Nigeria business meeting, which covered discussions on constructing a Free Trade Zone by the Angolan government, tourism, energy, and air travel.

The event emphasized the potential for fruitful collaborations and economic advancements between the two African nations