Intra-African trade: Obasanjo calls for increased bilateral relations between Angola, Nigeria

Former President Olusegun Obasanjo has called for the increase in bilateral relations between Nigeria and Angola to boost the economy.

Obasanjo spoke at the Angola-Nigeria Diplomatic-Business Investment meeting in Lagos on Saturday.

The former president said the meeting was on the potential for enhanced collaboration between the two countries.

He said the meeting was also premised on the need to boost trade volume within Africa, which reflects a commitment to advancing economic partnerships on the continent.

Obasanjo advised that attention should be on African countries’ benefits from their own products as it aligns with the goal of promoting intra-African trade and economic self-sufficiency.

“We are still battling with high deficit in transportation. For instance, moving goods from two countries – Democratic Republic of the Congo and Congo -Brazzaville is still a problem. We need to solve this challenges of moving goods around,” the ex-president said.

“One of the things the leaders of the post independence movement achieved is to promote the African Continental Free Trade Agreement (AFCFTA).”

On his part, Olusegun Awolowo, secretary of the national action committee of the AFCFTA, Nigeria, said the lack of foreign direct investment (FDI) between Nigeria and Angola underscored the untapped potential for economic engagement between the two largest oil exporters in Africa.

“Sadly, there is no FDI between Nigeria and Angola. This means trade between the two biggest oil exporters is zero, and this is not good enough,” Awolowo said.

“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. Former President Obasanjo has mentioned some areas that need more collaboration.

“It’s true we have some infrastructural deficits which both government and the private organisations can also latch on to invest.”

Speaking on the efforts to address trade barriers and streamline visa processes, Fifi Ejindu, president of Angola-Nigeria Business Council, said the support from the Angolan government authorities further reinforces the potential for progress in this regard.

Ejindu said the engagement of Nigerian investors and the anticipated business activations in Angola indicated growing interest and participation in the trade initiatives discussed.

’WE’RE AWAITING NIGERIAN INVESTORS’

She, therefore, called for a positive step toward fostering smoother trade ties between Nigeria and Angola

Armando Manuel, former minister of finance in Angola, said positive assessment of the recent diplomatic-business investment meeting signaled the fruitful nature of the discussions and the potential for tangible outcomes in the near future.

“We are awaiting Nigerian investors to come to Angola because we already have the expertise in various sectors,” Manuel said.

“We are talking about opportunities in the pharmaceutical sector, agriculture and others, because our population is growing, while food security is a sort of concern.”

Manuel also said Angola has interesting policies to nurture investment in agriculture in terms of poultry, feed mill, soya beans, sorghum, maize and some cash crops such as cotton.