July 22, 2025
Nigeria and Egypt have reaffirmed their commitment to deepening bilateral cooperation as both nations work towards achieving a $500 billion intra-African trade target under the African Continental Free Trade Area (AfCFTA) by the year 2030.
This renewed push for economic synergy was emphasized during the Nigeria-Egypt Business Forum 2025, held at the Transcorp Hilton Hotel in Abuja. The high-level meeting, organised by the Nigerian Ministry of Foreign Affairs in collaboration with key Egyptian trade bodies, brought together policymakers, business leaders, and investors from both countries.
Speaking at the event, Egyptian Foreign Minister Sameh Shoukry highlighted the urgent need for stronger ties between two of Africa’s largest economies, noting that although diplomatic relations between Nigeria and Egypt have spanned over six decades, current trade volumes remain far below potential.
In 2024, trade between the two nations stood at $315 million, with Egypt exporting $291 million worth of goods to Nigeria, while Nigeria’s exports to Egypt were limited to $24 million. Stakeholders agreed that this imbalance requires deliberate policy and private sector collaboration to boost reciprocal trade.
Nigerian officials, including Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, emphasized the need to diversify and scale up exports beyond crude oil and raw materials. She also praised existing Egyptian investments in sectors like infrastructure, construction, and energy, calling for further expansion in manufacturing, agriculture, ICT, and aviation.
Companies such as Elsewedy Electric, Arab Contractors, and Mantrac were commended for their billion-dollar commitments in Nigeria, while EgyptAir was recognized for enhancing air connectivity with regular flights to Lagos, Abuja, and Kano.
Both nations agreed to establish a joint economic commission to oversee implementation of new bilateral agreements, facilitate business-to-business partnerships, and support the broader continental goal of strengthening intra-African trade and industrialization.
