Home » Africa: Bilateral Trade Flourishes: Nigeria’s Exports to Angola Surge to $16.8 Million in Three Years

Africa: Bilateral Trade Flourishes: Nigeria’s Exports to Angola Surge to $16.8 Million in Three Years

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Bilateral Trade

In a testament to the strengthening economic ties between Nigeria and Angola, exports from Nigeria to Angola have surged, reaching an impressive $16.8 million between 2020 and 2022.

According to punchng.com, the Secretary of State for International Cooperation and Angola Communities, Domingos Lopes, revealed this significant milestone at the inaugural Angola-Nigeria business forum held in Abuja.

Lopes, who represented the Minister of External Relations, highlighted the robust relationship between the two nations, dating back to the signing of their first economic, technical, scientific, and cultural cooperation agreement in 1976. The exchange between Nigeria and Angola has been multifaceted, encompassing diplomatic, defense and security, petroleum, education, culture, and transportation sectors.

READ: Africa: Nigeria, Tunisia bilateral trade volume reaches $18 million (149%) growth rate in 2022

The trade dynamics over the last three years showcased Angola’s exports to Nigeria, totaling $5.6 million, and imports standing at $16.8 million, resulting in a trade balance of approximately $11.2 million. Crude oil constituted a significant portion of Angola’s exports to Nigeria at 42%, followed by optics and precision (20%), and mechanical machines and devices (14%).

Addressing the economic reforms in Angola, Lopes expressed gratitude for Nigeria’s support, stating, “Angola being part of the system is witnessing a special moment marked by structural reforms that aim to transform its macroeconomic situation. To achieve this objective, the Angolan government intends to count on the support of friendly countries who are always on its side, and one of these is indisputably Nigeria.”

READ: News: AFRITrade B2B to create a synergy among African Businesses to enhance trade

The Minister of Information and National Orientation, Mohammed Idris, emphasized President Bola Tinubu’s commitment to deepening relationships with African countries, including Angola. Idris revealed ongoing efforts to sign a Memorandum of Understanding on Public Communication and Media Exchange with the Embassy of Angola in Nigeria, further solidifying the nations’ partnership.

As the trade relations between Nigeria and Angola continue to flourish, both nations express eagerness for sustained collaboration and reciprocal support in their respective developmental endeavors.

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