Nigeria-Egypt trade volume surges by 68%, opportunities for businesses to step up
The Minister of Foreign Affairs, Yusuf Tuggar, exchanging pleasantries with The Minister of Foreign Affairs of the Arab Republic of Egypt, Badr Abdelatty, at the second edition of the Nigeria-Egypt Business Forum held on Monday in Abuja. CREDIT: Nigeria-Egypt Business Forum
Nigeria-Egypt trade volume surges, opportunities for businesses to step up.
Trade volumes between Nigeria and Egypt have gone up by 68.45 per cent within one year.
The Minister of Foreign Affairs of the Arab Republic of Egypt, Badr Abdelatty, on Monday announced that bilateral trade between Egypt and Nigeria had witnessed a significant increase, rising from approximately $187 million in 2023 to about $315 million in 2024.
The latest data signals a boost in bilateral economic relations between the two African countries.
He said, “Recent statistics reveal a dynamic shift in our bilateral trade, which significantly increased from around $187m in 2023 to around $315m in 2024.”
This was as the Minister of Foreign Affairs, Yusuf Tuggar, noted that Nigeria and Egypt must urgently rebalance their lopsided trade ties, as both countries step up efforts to deepen bilateral and multilateral cooperation across key economic sectors.
Both government officials spoke at the second edition of the Nigeria-Egypt Business Forum held in Abuja on Monday.
The event focused on cultivating strategic partnerships to promote mutual prosperity in various areas, including politics, security, trade, international diplomacy, education, and cultural connections.
Tuggar described the relationship between the two African giants as one that has evolved from “diplomatic brotherhood” into a full-fledged “comprehensive partnership,” noting that both countries now have a duty to transform that alliance into a measurable economic impact.
“Since 1961, Nigeria and Egypt have walked the path of mutual respect, African solidarity, and shared aspirations for regional stability and economic growth. But today, we must move beyond handshakes and headlines. We must build trade corridors, investment linkages, and industrial cooperation that deliver real value to our people,” he said.
Tuggar lamented that despite their influence and combined population of over 345 million people, about a quarter of Africa’s population, trade between Nigeria and Egypt remains “shockingly low.”
“In 2023, total trade volume between our two nations stood at just $211.2m. Egypt’s exports to Nigeria accounted for $199m, while Nigeria’s exports to Egypt were only about $12.2m. That is a staggering imbalance. We must do better,” he said.
He noted that the trade gap presents a glaring opportunity for Nigerian producers, manufacturers, and exporters to step into a market that is ripe for Nigerian goods, especially under the African Continental Free Trade Area framework.
“The time has come for Nigerian leather, textiles, agro-products, pharmaceuticals, and ICT services to find their way into Cairo, Alexandria, and beyond,” Tuggar said.
According to him, the Nigeria-Egypt Business Forum should not be mistaken for a ceremonial gathering, but rather “a strategic platform” for unleashing the vast, underutilised economic potential that both nations possess.
“Let this forum be a turning point. As two of Africa’s most influential countries, we must not only lead on the political front, we must lead in trade, in innovation, and in building regional value chains,” he said.
Tuggar also highlighted Nigeria and Egypt’s role in the Developing-8 Organisation for Economic Cooperation (D-8), where they remain the only African members. With a combined GDP of over $5tn and a population base of 1.2 billion across Asia, Africa, and Europe, the bloc is a powerful economic force.
The D8 is a unique intergovernmental organisation whose objective is to improve its members’ positions in the global economy, create new opportunities in trade relations, and provide a better standard of living for its people.
“We cannot afford to be benchwarmers in such a dynamic group. We must step up and push toward the D-8’s ambitious goal of increasing intra-bloc trade to $500bn by 2030. That journey begins with us,” he said.
He said both nations have much to gain from strategic collaboration in sectors like renewable energy, agriculture, solid minerals, water management, aviation, ICT, and manufacturing.
“Both Nigeria and Egypt are undergoing rapid industrialisation and infrastructure development. There is no reason we cannot align our respective strengths to achieve mutual growth,” he added.
Tuggar also threw his weight behind private-sector actors, whom he described as “the true drivers of integration.”
“Governments can only create the enabling environment. It is the entrepreneurs, investors, and innovators gathered here today who will turn MoUs into machinery and dialogue into development,” he said.
