Hot Source•As Nigeria, Colombia sign historic MoU to enhance political, economic ties
•Shettima asks both nations to transform potential into tangible economic gains beyond tariff barriers
•Nigeria remains strategic market for Colombia, says Márquez
Deji Elumoye in Abuja
President Bola Tinubu has reaffirmed Nigeria’s commitment to strengthening international partnerships and aligning its foreign relations with evolving global trends in trade, politics, and culture.
Tinubu spoke on Monday while receiving in audience Vice President of the Republic of Colombia, Francia Márquez, at State House, Abuja.
He stated that global economic volatility and shifting international policies will necessitate new partners for shared prosperity.
Tinubu assured the delegation of senior government, business, and diplomatic officials from the South American country that Nigeria will replicate the agreements signed with Brazil on aviation and consular issues with Colombia.
He stated that the conclusions of all the bilateral meetings and the agreements signed, under the supervision of Vice President Kashim Shettima, will receive speedy attention.
The president stated, “I believe the vice president and his team have done the job. Our business opportunities with Colombia have already been enhanced. I support every aspect that you have agreed on.
“Particularly for Colombia, the agreement we entered with Brazil can easily be replicated in aviation, and our diplomatic relations can be enhanced. The Ministry of Foreign Affairs will accelerate that.”
Tinubu urged the business leaders to explore opportunities in Nigeria’s oil and gas sector and agriculture.
He said Nigeria’s youthful and growing population presented a good market and a skilled workforce to boost investment.
Shettima said the visit by the Colombian vice president would rekindle ancestral connections disrupted by slavery and colonialism, positioning both nations for a prosperous partnership.
He highlighted the political and cultural similarities that would foster healthy economic collaboration.
Similarly, the vice president of Colombia highlighted several areas for the strengthening of bilateral relations, including aviation, visas, political consultations, cultural exchanges, and trade.
Márquez stated, “As the first black Vice President of Colombia, I am extremely delighted to lead this visit to the land of our ancestors. Our ancestors were taken away from Africa centuries ago.”
She said her visit will kick-start a long-lasting relationship built on substantial cultural similarity and heritage.
Márquez assured that relations with Nigeria would benefit both countries, particularly in areas such as social justice, gender equality, and inclusivity.
“We have had a meeting with the business leaders in aviation on the need to start direct flights to Colombia,” she added.
Marquez said Nigeria’s leadership role in Africa and African Union’s role in restoration and reparation will enhance relations with Latin America and the Caribbean.
Earlier on Monday, Nigeria and Colombia signed a historic Memorandum of Understanding (MoU) on political consultations, opening a new and significant chapter in relations between both countries.
The MoU signed during the Nigeria-Colombia Bilateral Meeting and Business Forum at State House, Abuja, was endorsed by Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and Deputy Minister, Multilateral Affairs, Ministry of Foreign Affairs, Colombia, Mauricio Jaramillo Jassir.
Jassir explained that on the bilateral front, the MoU related to “very frequent political dialogue” with Nigeria and visa approvals for its diplomats, thereby making it easier for its diplomats to visit Nigeria.
Speaking at the plenary session of the Nigeria-Colombia Business Forum, Shettima implored both Nigeria and Colombia to take advantage of their abundant potential and turn them into palpable and substantial economic gains. He said this should be driven by the private sectors of the two nations, as they explored new opportunities, deepened partnerships, and addressed common challenges.
According to him, “We cannot achieve that unless we compare our differences and similarities, as well as our resources and potential. This is a practical way to propel trade and investment, improve agriculture, foster culture, and exchange ideas that will mutually benefit our countries.
“The private sectors of our two nations are therefore urged to take advantage of the abundant potential of our countries and transform them into tangible economic gains.”
Shettima also stated that while the scepticism about the global economy and its unpredictable politics were redefining trade patterns, Nigeria had since deemed it necessary to diversify and expand its exports beyond crude oil, with agriculture, minerals, and manufactured products as some of the new areas of concentration.
He said, “The tariffs that confront our exports in other parts of the world are a reminder of the danger of dependence on a narrow base.
“For Nigeria, this is a call to diversify our exports beyond crude oil, expanding into agriculture, minerals, and manufactured products. I believe that Colombia too is bound by the determination to expand its economy beyond the bounds of tariff barriers.”
Responding to the global constraints, the vice president explained that Nigeria was working towards elevating its agriculture from subsistence to mega-business, as well as transforming smallholders into global conglomerates.
According to him, “As a country, we are investing in innovative technologies for livestock breeding, developing machinery, producing chemical-based products, such as fertilisers, herbicides, and pesticides, and creating a strong supply chain. This is also an area where partnerships with Colombia will be vital.
“We must prioritise sectors that are natural pillars of our economies. In agriculture, we share comparative strengths in cocoa, coffee, and tropical fruits. In energy, Nigeria remains a leader in oil and gas, while Colombia has potential in coal and renewable energy.
“In manufacturing, from textiles to machinery, both nations can collaborate to build capacity, exchange knowledge, and attract the kind of investments that secure jobs and prosperity for our peoples.”
To take advantage of the opportunities that abound in their domains, Shettima identified three things both Nigeria and Colombia must do, including monitoring “global trade policies to adapt swiftly”.
He said both nations must diversify exports to reduce dependence on single products, and “create a business environment attractive enough for foreign investors,” adding that by pursuing these, both nations “can turn shifting tides into shared prosperity”.
On cultural ties between both nations, the vice president said, “Our practical roadmap to the future is to acknowledge that culture is a bridge for innovation, economic development, and mutual prosperity.
“Nigeria’s creative sector remains an engine for unleashing the potential of our teeming youth population. Reinforcing our connections in culture, education, science, and technology is fundamental for building a resilient and globally competitive creative economy.
“It is, therefore, time to collaborate in capacity building, skill development, cultural exchange, digital innovation, and intellectual property protection. We must extend our acquaintance to each other’s literature, languages, music, films, arts, and festivals.”
Márquez said her team was in Nigeria to reaffirm bilateral relations, stating that the country remains a strategic market for Colombia.
She stated that Colombia was currently exporting to Nigeria, particularly in the field of leather, adding that she seeks to explore new paths with Nigeria in renewable energy.
Marquez added, “We can make progress in higher education” by connecting Colombian and Nigerian youths.
According to her, the business meeting in Nigeria will allow Nigeria to explore cooperation opportunities and work together in the fields of technology and services for both countries.
She thanked the Nigerian government for the hospitality, assuring, “We will work together for social development, social justice, peace, and security for our people.”
Earlier, Tuggar said Colombia’s history was tied to Nigeria, particularly during the slave trade, when Nigerians found their way to Colombia.
He said the development was an opportunity to strengthen historical and economic ties between both countries and bolster trade, adding that there “is room for improvement” in areas, such as agriculture, hydrocarbons, and pharmaceuticals.
Jassir said it was important for Colombia to diversify its relationship with the world, especially with Nigeria.
For the Colombian side, he stressed the importance of exploring its relations with Nigeria, maintaining that Nigeria remains the best gateway to reinforce bilateral cooperation with Africa. He expressed optimism that the Nigerian side will explore Colombia’s strategic position in South America.
On the bilateral front, Jassir said two MoUs were of interest to Colombia: to have “very frequent political dialogue” with Nigeria and visa approvals for its diplomats so it will be easier for its diplomats to visit Nigeria.
Presenting investment opportunities in Nigeria, Deputy Director of the Nigerian Investment Promotion Commission (NIPC), Mr. Emmanuel Longza, said Nigeria was a strategic location, with a population of 250 million and rich natural resources, while investors could enjoy tax duty waivers, among other incentives.
Longza listed Nigeria’s untapped treasures to include arable lands, solid minerals, crude oil, the creative and art industry, manufacturing, technology, and renewable energy.
In terms of agriculture, Longza said Nigeria had 34 million hectares of arable land, with only 46 per cent currently cultivated, implying there is a huge opportunity for agricultural production across the country.
He added that there were industrial parks across Nigeria designed to boost export-oriented industries while attracting businesses.
On why Colombia mattered to Nigeria, Longza said both countries could collaborate on agricultural opportunities and energy transition, among others.
Delivering the plenary address on Nigeria’s Trade and Investment Landscape (Impact, Achievements, and Opportunities), Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said Tinubu had taken bold structural steps to correct long-standing macroeconomic distortions through the removal of the petroleum subsidy, exchange rate unification, and fiscal tightening to restore credibility.
Oduwole added that Nigeria had emerged as the continent’s fintech powerhouse, with top unicorns domiciled in the country.
“As a result, today we are proud to serve as co-champions of digital trade under the African Continental Free Trade Area (AfCFTA),” the minister stated.
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