Obasanjo, Saraki, Others Call For Smoother Trade Ties Between Nigeria And Angola

• Notable Nigerians have called for a smoother collaboration between Nigeria and Angola
• Former President Olusegun Obasanjo said at a recent event that the two countries need to boost trade between them
• Others said the lack of FDI between the two countries underscored the untapped potential for economic engagement

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The former President, Obasanjo, has called for increased bilateral relations between Nigeria and Angola.

Obasanjo, a special guest of honour at the event, said the meeting focused on the potential for enhanced collaboration between the two countries.

According to him, it also emphasises the need to boost trade volume within Africa, reflecting a commitment to advancing economic partnerships on the continent.

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The former President advised that attention should be paid to African countries' benefits from their products, as it aligns to promote intra-African trade and economic self-sufficiency.

He expressed concerns about infrastructural deficits, particularly in transportation and highlighted the challenges that needed to be addressed to facilitate seamless trade between nations.

Past African leaders promoted AfCTA

Obasanjo said:

"One of the things the post-independence leaders achieved was to promote the African Continental Free Trade Agreement (AFCFTA)," he said.

Also, the Secretary of the National Action Committee of AFCFTA, Nigeria, Olusegun Awolowo, said the lack of Foreign Direct Investment (FDI) between Nigeria and Angola underscored the untapped potential for economic engagement between Africa's two largest oil exporters.

"Sadly, there is no Foreign Direct Investment (FDI) between Nigeria and Angola. This means trade between the two biggest oil exporters is zero, which must be improved.

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"Angola is importing from the rest of the world what it can get from Nigeria, and Nigeria is doing likewise; we should trade between ourselves.

"Comparatively, we supply what they don't have, and they also provide what we don't have. Former President Obasanjo has mentioned some areas that need more collaboration.

"We indeed have some infrastructural deficits which both government and the private organisations can also latch on to invest," Awolowo said.

Angola commits to free trade ties with Nigeria

Speaking on the efforts to address trade barriers and streamline visa processes, the President of the Angola-Nigeria Business Council, Fifi Ejindu, called for a positive step toward fostering smoother trade ties between Nigeria and Angola.

According to her, the support from Angolan government authorities further reinforces the potential for progress.

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

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Armando Manuel, a former minister of Finance in Angola, said that an upbeat assessment of the recent diplomatic-business investment meeting signalled the fruitful nature of the discussions and the potential for tangible outcomes.

"We are awaiting Nigerian investors to come to Angola because we already have the expertise in various sectors.

Saraki, also a patron of the council, encouraged that stakeholders of the council in Angola and Nigeria should walk the talk and commence action immediately to promote investment between the two countries.

Other notable personalities at the event include Nigeria's former President, Olusegun Obasanjo, Former senate president, Olusola Saraki, Edem Duke, and Vice President of the Council Engineer, Antonio dos Santos Domingos, among others.

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This surge was fueled by increased share investment, leading to a significant All-Share Index (ASI) rise, surpassing a record 100,000 basis points milestone.

The current level of the leading stock index marks the pinnacle in the history of the Nigerian stock market.

Source: Legit.ng