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Nigeria, Egypt sign deal worth $30m

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By Abdulwasiu Usman

Six companies from both countries agreed to collaborate in major sectors.

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.


Related Link

OEC: Website

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The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.

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jdpumping
jdpumping
1 year ago

That’s a good development anything to boost bilateral trade between both countries in order to boost the economy is a welcome idea.

Abusi
Abusi
1 year ago

I just hope the bilateral relationship between Nigeria and Egypt will yield a profitable return for the country. We need enough investors in Nigeria and there are human capital and resources at our disposal to make this work.

Adeolastan
Adeolastan
1 year ago

A lot need to be done to actually the deal sign.We only hear about signing agreement and bilateral deal but nothing comes out of it.

Haykaylyon26
Haykaylyon26
1 year ago

This is a nice deal, relationship between the two countries i hope deal bring good things for our country and help to Improve our economy in one way or the other

Tolaniiii
Tolaniiii
1 year ago

Nigeria and EGypt have abundance of both natural and human resources, as well as a population of young people who are adventurous and innovative in their approach to problem solving.

Bola12
Bola12
1 year ago

In light of the abundance of natural resources and the youthful entrepreneurs on both sides, the potential for fruitful contacts between the two parties is without limit.

Christiana
Christiana
1 year ago

Statistics show that despite the two economies’ capacities, the volume of trade between the two countries is modest, thus it’s safe to say that the magnitude of economic activities between the two nations is generally lackluster.

Tonerol10
Tonerol10
1 year ago

This is a good collabration between the countries. It help to develop both country, it will bring about good relationship. Hope our government make good use of it

Iyanu12345ogg
Iyanu12345ogg
1 year ago

This is a good development. I will like to applauds the efforts of Nigerian businesses and government agencies for their major contribution towards the conference.

Remi1
Remi1
1 year ago

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 eagerness.

Kazeem1
Kazeem1
1 year ago

The Nigerian Embassy in Cairo is a commercial organization with the mission of fostering prosperous economic contacts and business connections between the two countries of Nigeria and Egypt.

Godsewill Ifeanyi
Godsewill Ifeanyi
1 year ago

It is encouraging that businesses from both nations, including those in the fields of construction, medical equipment, engineering industries, agriculture, mining, technology, and real estate, have come to an agreement to work together.

Taiwoo
Taiwoo
1 year ago

This problem, which has been plaguing Nigeria for a long time and will likely continue to do so, has reached its nadir this year, which is a very unfortunate development.

Taiwoo
Taiwoo
1 year ago

Last edited 1 year ago by Taiwoo
Chibuzor
Chibuzor
1 year ago

With the abundance of natural resources and the young population’s entrepreneurial spirit, there is no telling what can be accomplished via fruitful collaboration between the two groups.

Adesanyaj72
Adesanyaj72
1 year ago

Given the wealth of natural resources present on both sides, as well as the large number of young businesspeople in both groups, the possibility of productive interactions between the two groups is virtually unbounded.

Nwachukwu Kingsley
Nwachukwu Kingsley
1 year ago

Investors from Egypt are urged to put their money into Nigeria, which has the most robust economy in Africa, because the nation provides a favorable environment in which to conduct commercial transactions.

Hassan Isa
Hassan Isa
1 year ago

Because of the abundance of natural resources and the enthusiasm of the younger generation to pursue entrepreneurial opportunities, there is no limit to what can be accomplished via robust interactions between the two sides.

Ultra0711
Ultra0711
1 year ago

This collaboration is a significant one. With time am sure both countries will developed more considering there positivity and enthusiasm.

SarahDiv
SarahDiv
1 year ago

Six companies from Nigerian and Egypt agreeing to come together to sign a deal with worth $30m. It is a welcome idea which will contribute to growth and development of both countries.

theApr
theApr
1 year ago

This partnership is really important. Both nations will undoubtedly develop further over time given their optimism and excitement.