Michael Olugbode in Abuja

Nigeria’s foreign investment drive has received a boost, as executives of 30 biggest companies in Egypt are currently in the country searching for areas they can invest.

The Egyptian Minister of Foreign Affairs, Immigration and Expatriates, Badr Abdel Aaty, made the revelation in Abuja on Monday after a meeting with his Nigerian counterpart, Ambassador Yusuf Tuggar.

Abdel Aaty, who led the delegation of investors to Nigeria, listed agriculture, pharmaceuticals, industry, energy, mineral, oil and gas as some of the areas of interest to the investors.

He stressed that there are a lot of opportunities, with a conducive environment for investment.

Abdel Aaty, who is in Nigeria for the second time in his short spell as a minister, also assured Nigeria of their seriousness to invest and do business in the country to the mutual benefits of both countries.

He said: “For me, I’m heading a big delegation. We have more than 30 giant companies in Egypt, in different sectors, in agriculture, in pharmaceuticals, in industry, in energy, in mineral, oil and gas, you name it. They are here because there are a lot of opportunities, a conducive environment for investment and we are committed to come, to invest, to do business here based on a win-win situation.”

The minister, while lamenting the low trade volume between both countries, said the purpose of his visit with the delegation was part of the efforts to boost Egypt-Nigeria bilateral relations, which he said was not where it ought to be.

According to him, “The current trade volume between our two countries does not meet or correspond with the weight of two giants in Africa, Nigeria and Egypt. 

“This is very minimal. We have to double and even triple the trade volume in order to match the weight of the two countries. And we are fully committed; we have the political will from Nigeria, from Egypt to do and I’m fully committed to work with my dear brother Minister Yusuf to hopefully double and triple the trade volume in the near future.”

He said they are working on instruction of the heads of government of both countries to enhance cooperation in bilateral relations.

He also added: “Our political relationship is more than excellent, but we have to do more on economic, trade and investment based on a win-win situation. Nigeria is the largest country in Africa. Nigeria is the gateway to Africa, not only to the west and central of Africa, but to all Africa.

“That’s why, as my brother Youssef mentioned, I’m starting my tour from here, from Abuja, in recognition of the strategic status of this great country. The two leaders met before in Rio de Janeiro on the side of the G20 meeting and they agreed to elevate our relationship into a comprehensive and strategic partnership and this is our task as foreign ministers to do more and to enhance our cooperation.”

On his part, Tuggar said there are lots of areas of interest that they could both explore.

He revealed that the Egyptian delegation will be attending the Jigawa State business Forum.

He explained that: “They have one of the largest players that has successfully reclaimed record amounts of land, turned desert into fertile land that is producing food in Egypt. They have come here, they are interested in investing and participating in Nigeria.

“Of course, there are some of the other players, for instance, the power and energy sector, electricity, the likes of them are already here. They are looking at opportunities in gas, in the mineral sector etc.”

Both countries are also going “to establish a joint commission so that all of these initiatives, including the chamber of commerce that we have, would be subsumed under that so that we can drive it faster,” Tuggar added.

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