Belgium and Nigeria are taking notable steps to enhance their economic relationships, with a particular focus on agricultural development and food security. In a recent meeting in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, hosted Belgian Ambassador Pieter Leenknegt to discuss strategic partnerships that could enhance bilateral Trade and investment. The discussions underscored both countries’ commitment to promoting financial growth through mutually beneficial collaborations. During the meeting, Mr. Edun noted the country’s improving economic system, pointing to declining Inflation rates, stabilising prices, and increased savings in the federation account.
He also reiterated the current federal administration’s dedication to implementing key macroeconomic reforms, acknowledging the initial challenges posed by the rising cost of living. However, the minister expressed confidence that these measures are beginning to yield positive results. As a result, the agricultural sector has been the focus; the federal government has introduced various policies to support farmers and enhance productivity. This aligns with Belgium’s interest in enhancing business relationships, particularly in areas that promote Sustainable Development and food security.
Leenknegt reaffirmed their keen interest in expanding collaboration.
Ambassador Leenknegt emphasised Belgium’s keen interest in expanding economic collaboration with the country, particularly in the agricultural sector. Both nations recognise the importance of addressing Food Security challenges, especially in the face of global uncertainties such as Climate Change and geopolitical tensions. With its advanced agricultural technologies and expertise, Belgium is well-positioned to support the federal government’s efforts to modernise farming practices and increase food production. In return, it could pave the way for knowledge exchange, agribusiness investment, and Infrastructure development to support sustainable agriculture.
The meeting also touched on the financial relationship between the two nations, which has remained robust over the years. Trade volumes between the two countries have shown consistent growth, with the nation ranking as one of the country’s major trading partners. In the first four months of 2022, Nigeria was Belgium’s 14th largest client in Export volume, with trade amounting to €2.4 billion. On the other hand, the nation ranked 58th in imports into Belgium, valued at €185.4 million. The trade balance between the two nations stood at €2.2 billion, reflecting a strong and mutually beneficial business relationship.
Historical relationship and shared global perspectives.
Meanwhile, their diplomatic relationship dates back to 1961, when formal ties were established. Over the decades, both countries have maintained cordial engagements, sharing standard views on critical global issues such as human rights, climate change, terrorism, corruption, and the peaceful resolution of conflicts. These shared values have provided a solid foundation for collaboration in various sectors, including trade, agriculture, and cultural exchange. Financial relations have been particularly noteworthy. Belgian companies have made notable investments in the country, with over forty firms operating in various sectors.
Notable examples include OK Free Trade Zone, Dredging Environmental and Marine Engineering (DEME), Jan De Nul Group, and Sluys International Belgium. These companies have contributed to local development by creating employment opportunities and promoting technological transfer. The Belgian government has also facilitated trade missions to the country through its trade agencies, further strengthening the relationship between the two nations. Indeed, the nation’s Economy is one of the most advanced in the world, ranking 22nd in nominal GDP and 15th in nominal GDP per capita as of 2024.
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Despite its relatively small size, Belgium plays a notable role in global trade, with its top exports including refined petroleum, Petroleum gas, vaccines, cars, and packaged medicaments. Its primary trading partners include France, the Netherlands, Germany, Italy, and the United States. For Nigeria, Belgium’s economic strength and global reach present numerous opportunities for collaboration. Nigeria can accelerate its efforts to achieve food Security and Economic Diversification by leveraging the region’s agriculture, technology, and Innovation expertise. Similarly, they stand to benefit from Nigeria’s vast market potential and abundant natural resources.