The Federal Government and Angola have strengthened their ties in an effort to drive economic development and foster bilateral trade.
The increased collaboration will enhance economic cooperation and create opportunities for companies from both nations to explore untapped markets and investment prospects.
Angola’s thriving economic landscape and Nigeria’s vast resources offer great potential for mutually beneficial partnerships.
Speaking at the first interactive Angola-Nigeria business forum held in Abuja on Thursday, the Secretary of State for International Cooperation and Angola communities, Domingos Lopes, disclosed that Nigeria’s exports to Angola hit $ 16.8 million between 2020 and 2022.
He said that the substantial growth in trade volume reflects the increasing demand for Nigerian products in Angola and highlights the potential for further economic collaboration.
The Secretary, who represented the Minister of External Relations, Téte Antonio, said the ties between both countries were marked by signing the first economic, technical, scientific and cultural cooperation agreement in 1976.
He added that the exchange between the duo has been remarkable in diplomatic, defense and security, petroleum, education, culture and transportation.
“In the last three years (between 2020 and 2022), Angola’s exportation of goods to Nigeria was estimated at USD 5.6 million and its importation stood at USD 16.8million, corresponding to a negative trade balance of about USD 11.2million,” he stated.
Concerning the main product group, Angola exported crude oil weighing about 42% to Nigeria, optics and precision accounting for 20%, and mechanical machines and devices with their function, accounting for 14% of the total volume of exports.
