Former President of Nigeria, Olusegun Obasanjo
Nigeria and Angola are two of Africa’s top oil producers, and both former president Olusegun Obasanjo and former Senate President Bukola Saraki have pushed for increased trade relations between their countries.
Speaking as a special guest of honor, Obasanjo made these comments over the weekend at a brainstorming session on diplomatic-business investment hosted by the Angola-Nigeria Business Council.
Other well-known attendees at the Lagos event were Antonio dos Santos Domingos, Vice President of the Council Segun Awolowo, Princess Fifi Ejindu, and Edem Duke.
Underscoring the shortcomings of the current relationship, the former President emphasized the need for a substantial expansion of trade links between the two countries.
In order to promote cooperation, the session’s main goal was to unleash Nigeria and Angola’s unrealized potential for economic partnership.
Obasanjo said, “Sadly, there is no Foreign Direct Investment between Nigeria and Angola. This means trade between the two biggest oil exporters is zero, and this is not good enough. Angola is importing from the rest of the world what it can actually get from Nigeria and Nigeria doing likewise, we should trade between ourselves.
“Comparatively, we supply what they don’t have and they also supply what we don’t have. It’s true we have some infrastructural deficits which both government and the private organisations can also latch on to invest.”
Former President Olusegun Obasanjo has urged African countries to focus on their own products to promote intra-African trade and economic self-sufficiency. He expressed concerns about infrastructural deficits, particularly in transportation, and highlighted the need to address these challenges for seamless trade.
The African Continental Free Trade Agreement (AFCFTA) aims to accelerate intra-African trade and boost Africa’s global trading position.
The lack of Foreign Direct Investment between Nigeria and Angola highlights the potential for economic engagement between the two largest oil exporters in Africa. Fifi Ejindu, President of the Angola-Nigeria Business Council, called for a positive step toward fostering smoother trade ties between Nigeria and Angola, citing support from Angolan government authorities.
The engagement of Nigerian investors and anticipated business activities in Angola indicate growing interest and participation in the trade initiatives discussed.
Former Minister of Finance in Angola, Armando Manuel, expressed positive assessment of the recent diplomatic-business investment meeting, signaling the fruitful nature of discussions and potential tangible outcomes in the near future.