Nigeria, Egypt seek to improve $100m trade relations

Please follow and like us:

  • 363
  • Share

Ifeanyi Onuba, Abuja

The Egyptian Ambassador-designate to Nigeria, Mr. Assem Hanafi, on Monday expressed concern over the low volume of trade between the two countries, stating that there was a need to aggressively improve the situation.

Hanafi, who stated this when he visited the President, Abuja Chamber of Commerce and Industry, Mr. Tony Ejinkeonye, put the volume of trade between both countries at about $100m.

He expressed his country’s willingness to increase the volume and value of trade with Nigeria, adding that there were huge untapped potential for both countries to explore for the benefit of their people.

The envoy said, “The volume of trade between Nigeria and Egypt is not very big and this is another sad story of intra-African trade relations. That is why I am here to promote our trade relations.

“The intra-African trade only constitutes 15 per cent of the overall African trade with the outside. So, we are eager to multiply the current volume, which approximately is $100m plus. It is not something really reflecting the potential of the markets of both countries.”

READ ALSO:  Finally, Olusanya confirms 9mobile will be sold to Teleology

Hanafi blamed the low trade volume between the two countries on preference for imported items from Europe and America rather than imports from African countries.

He added, “We need to see the comparative advantage which African countries can offer to one another and to fill this gap.

“Once we succeed, I think it will encourage other countries to follow suit though it may take time, we have a long way to go, but it will yield the desired fruits.”

In his comments, Ejinkeonye said the chamber would double efforts towards increasing economic activities between the two countries.

He said, “Egypt and Nigeria are two economic giants in Africa, so we believe that if the two countries work together, we can leverage on their enormous potential to grow the economies.”

READ ALSO:  Endorsement for ‘No-Slips Limited’

“Egypt is a power house in Africa, so also Nigeria. We look at the trade volume and how to increase it as well as boost the economic relations. What we just arrived at is to engage more possibly in trade missions between the two countries.”

Copyright PUNCH.               
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Facebook Comments

Please follow and like us:

  • 363
  • Share

Leave a Reply

Your email address will not be published. Required fields are marked *