According to Domingos Lopes, the Secretary of State for International Cooperation and Angola Communities, Nigeria’s foreign exports to that country reached $16.6 million between 2020 and 2022.
Angola-Nigeria business submit
This was said by Lopes at the inaugural interactive Angola-Nigeria business summit on Thursday in Abuja.
The Secretary, speaking on behalf of the Minister of External Relations, His Excellency Téte Antonio, noted that the first agreement for economic, technical, scientific, and cultural cooperation was signed by both nations in 1976 and that since then, there has been notable exchange in the areas of diplomacy, defense and security, petroleum, education, culture, and transportation. “In the last three years (between 2020 and 2022),
Jerrymusa.com reports that Angola’s export of goods to Nigeria was estimated at USD 5.6 million and its import of goods stood at USD 16.8 million, corresponding to a negative trade balance of approximately USD 11.2 million,” he said.
Breakdown of the business
Regarding the primary product category, Angola sold crude oil to Nigeria, which accounted for around 42% of the total volume of exports; optics and precision, which accounted for 20%; and mechanical machines and devices with their functions, which accounted for 14%.
Machines and apparatus, CKD, plastics, rubbers, and other transport materials were included in the importation of the acquired product group.
Together, these groups account for more than half of all exports over the time period (41%, 19%, and 15%, respectively). He also mentioned that Nigeria will assist Angola with its economic restructuring.
Angola structural reform
“The current international system is facing a number of challenges,” said Lopes.” As a member of the system, Angola is living through a unique period characterized by structural reforms intended to change its macroeconomic status.
The Angolan government intends to rely on the assistance of friendly nations that are constantly on its side to accomplish this goal, and one of them is unquestionably Nigeria.
Through a deliberate pursuit of fruitful bilateral relations, the administration of President Bola Tinubu, according to Minister of Information and National Orientation Mohammed Idris, will continue to deepen both mutual relationships.
Nigeria to strengthen ties with African countries
President Bola Tinubu wants to strengthen ties between Nigeria and other African nations, particularly Angola, according to Idris.”As part of our efforts to strengthen our connection, we are seeking to sign a Memorandum of Understanding on Public Communication and Media Exchange with the Embassy of Angola in Nigeria.
Nigeria is very eager to help Angola’s internal and international objectives as well as the nation’s general development; in return, we demand reciprocity.
The forum, according to Amb. Jose Zau of Angola’s embassy in Nigeria, will help deepen Nigeria and Angola’s economic connections.