The Nigeria-Egypt bilateral relationship continues to strengthen as both countries just signed a partnership agreement worth 30 million dollars between organizations from both countries, at the inaugural edition of the Nigeria-Egypt Trade Conference and Exhibition (NETCE) held in Cairo. This was disclosed by Dr. Yousrey El Sharkawi, Chairman, of the Egypt African Businessmen’s Association (EABA), and Mr. Mahmood Ahmadu, President, of Nigeria -Egypt Cultural and Socio-Economic Forum (NECSEF), at the end of the three-day conference in Cairo.
As reported by the News Agency of Nigeria (NAN) the NECSEF, organized by both organizations in collaboration with the Nigeria Embassy in Cairo is a business association devoted to promoting successful economic relations and business relationships between Nigeria and Egypt. Dr. El Sharkawi, while addressing a press conference, said that six companies from both countries have agreed to collaborate in the sectors of construction, medical equipment, engineering industries, agriculture, mining, technology, and real estate.
The two countries’ economic activity levels are low.
He complimented the organized business sector in both nations for having the fortitude to take significant action toward the realization of stronger economic cooperation. Also, the Nigerian Ambassador to Egypt, Nura Rimi, has expressed optimism that the private agreements inked would lead to more commercial and economic cooperation. Rimi stressed that both countries have a richness of natural and human resources, as well as a population of young people who are both enterprising and creative.
The scale of economic activities between the two nations as generally underwhelming, noting that statistics revealed that, despite the two economies’ capacities, the volume of trade between the two countries is minimal. He believes that there are no bounds to what may be accomplished through vigorous interactions between the two sides due to the wealth of natural resources and the youths’ entrepreneurial, and inventive populace. Egyptian investors are encouraged to invest in Nigeria, which has the largest economy in Africa because the country is a good place to do business.
Minister urges investors and plans more partnerships.
Rimi argued that Nigeria is the ideal site for any investor to form a partnership, establish a great feat, innovate and see their business grow. Notably, Nigeria has built the First Export Trade House in Egypt as part of a Public Private Partnership initiative to serve as a hub from which goods manufactured in Nigeria can be exported to other parts of the globe. Additionally, the two nations collaborate on global and regional issues to push the cause of peace and security across the globe.
Nigeria’s Minister of State for Works and Housing, Ibrahim El-Yakub, who participated in the conference and visited some housing units constructed by the private sector in Egypt, said that Nigeria is willing to collaborate with Egypt in the housing sector. El-Yakub made the statement at the end of the conference. He pointed out that Nigeria needed to produce a minimum of 200,000 new housing units annually in order to meet the demands of its inhabitants.
Appreciations toward major contributors to the conference.
President Ahmadu EABA of NECSEF expresses his profound appreciation to the Embassy of Nigeria in Cairo, Egypt, for their support in hosting the excellent conference. Furtherly, he applauds the efforts of some Nigerian businesses and government agencies such as Online Integrated Solution Services (OIS) Limited, Ocean City Development, Imam001 Global Agency Ltd, Uyk Holdings Ltd, Strategic Transparent Solutions, G-one Energy Ltd, MFS Limited, Bashik Nasiku & Co, Hinterland Oil & Gas Ltd, the Ministry of Industry, Trade and Investment, Nigeria Export Promotion Council (NEPC), Slaylab Fintech, Lakeside Pharmaceutical, Danyalli Farms, among others for participating in the conference.
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