Nigeria-Egypt Trade Volume Not Impressive At $150m – Envoy

The Egyptian Ambassador in Nigeria in Abuja, Mr Ashraf Salama, puts the volume of trade between Nigeria and Egypt at 150 million dollars.
Salama, who stated this at the first Nigeria-Egypt Forum in Abuja said that the record was far under the expectations and capabilities of the economies in both countries.
The envoy said that there was need for the two countries to work together to explore the business opportunities available in their various domains.
He said that both countries should collaborate “to boost bilateral trade in the near future by utilising the opportunities available for business in Egypt and Nigeria.’’
Salama urged the two countries to tap into the vast resources and expertise available to them.
“Our countries have vast resources and the two nations have the same aspirations that centre on economic prosperity, youth empowerment, viable education systems, better services and equal development opportunities.
“The embassy is working with the relevant authorities in Egypt and Nigeria to set the legal framework that will facilitate the movement of people and goods between our countries.
“We believe the next meeting of the Egypt-Nigeria Bi-National Committee will help boost our trade relations and set up a mechanism to enhance cooperation in all fields,’’ he said.
Salama expressed hope that the forum would be the first step toward achieving the highlighted goals and dreams for the benefit of the two giant nations and Africa.
The Representative of the Nigerian Embassy in Egypt, Alhaji Mohammed Isa, expressed concern over the recorded volume of trade which, he said favoured Egypt.
He said that the two countries had come a long way but the relationship had always been political while the economic aspect suffered neglect for long.
Isa called on Nigerian business entrepreneurs to explore business opportunities in Egypt to balance the bilateral trade between the two countries.
The Executive Secretary of the Nigeria Investment Promotion Commission (NIPC),  Mr  Mustafa Bello, who was represented by Mrs Gana Wakili, an official of the commission  at the forum, said government had made investment in Nigeria easier through the provision of incentives.
“With the creation of the favourable investment atmosphere in the country by the Federal Government, the return on investment stands between 50 and 70 per cent,’’ he said.
According to him, the Federal Government has provided several incentives which include tax holiday for up to five years, repatriation of up to 100 per cent profit, among others.
Alhaji Mohammed Lere, the President of the Nigeria-Egypt Business Council, said that the aim of the council was to open doors for business activities between the two countries.
He said that the council was trying to strengthen the partnership with Egypt and explore ways to attract investors into the health, energy and other sectors.
Lere, who noted with concern that Nigerians spend millions of dollars annually on medical care in Egypt, said with the partnership, Egyptian investors could invest in the health sector.
He said that such investment would save Nigeria capital flights and create employment opportunities for the Nigerian youths.