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Nigeria’s foreign investment drive received a major boost on Monday as a delegation of executives from 30 of Egypt’s largest companies arrived in Abuja, to seek opportunities across key sectors of the Nigerian economy.
Led by Badr Abdel Aaty, Egypt’s Minister of Foreign Affairs, Immigration and Expatriates, the delegation is targeting investments in agriculture, energy, pharmaceuticals, mining, oil and gas, among others, signaling renewed efforts by both countries to deepen economic cooperation and scale up bilateral trade.
Addressing journalists after the bilateral talks, Abdel Aaty said the Egyptian companies were drawn to Nigeria because of the country’s vast investment opportunities and favourable business climate.
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He said their interests cut across critical sectors including agriculture, pharmaceuticals, industry, energy, solid minerals, oil, and gas.
“I am heading a big delegation. We have more than 30 giant companies in Egypt, in different sectors, agriculture, pharmaceuticals, industry, energy, minerals, oil and gas.
“They are here because there are a lot of opportunities and a conducive environment for investment. We are committed to invest and do business here based on a win-win situation,” Abdel Aaty stated.
The Egyptian minister, who is visiting Nigeria for the second time in a short span, described the visit as part of efforts to deepen Egypt-Nigeria economic ties, which he lamented are currently underperforming relative to the potential of both countries.
“The current trade volume between our two countries does not reflect the weight and influence of two African giants.
“It is very minimal, and we must double or even triple this in the coming years. We are acting on instructions from our heads of state to deepen bilateral relations, and we have the political will to do so,” he added.
Abdel Aaty also recalled the meeting between President Bola Tinubu and President Abdel Fattah el-Sisi on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, where both leaders agreed to elevate the existing bilateral ties into a “comprehensive and strategic partnership.”
He emphasized Nigeria’s strategic position on the continent as a gateway to Africa, especially West and Central Africa, and reiterated that Egypt considers Nigeria a critical partner in its Africa-focused investment strategy.
On his part, Yusuf Tuggar, Nigeria’s Foreign Affairs Minister, described the visit as timely and strategic, especially as Nigeria seeks to attract investment in infrastructure, energy, agriculture, and mining to drive economic diversification.
Tuggar noted that the Egyptian companies will also participate in the upcoming Jigawa State Business Forum, where they will interact with Nigerian stakeholders and explore concrete investment opportunities at the sub-national level.
“Some of these Egyptian companies have recorded tremendous success in land reclamation, transforming deserts into fertile, food-producing land. They are now keen to replicate that here in Nigeria,” he said.
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He further stated that several Egyptian firms already active in power and energy are looking to expand their footprint into sectors such as natural gas and solid minerals.
To institutionalize the partnership and ensure sustained collaboration, both ministers agreed on the need to establish a Joint Commission that will coordinate investment initiatives and subsume existing bilateral platforms such as the Nigeria-Egypt Chamber of Commerce.
“The joint commission will provide a framework for driving all these engagements faster and more effectively,” Tuggar said.
