Luanda - Angola intends to relaunch and reinforce trade with Nigeria in the coming years, aiming to counter the current “modest, unequal and irregular” movement between the two countries, according to Angolan diplomat Margarida Izata.
Angola's permanent representative to the United Nations and other international organizations, based in Geneva, was speaking during a session of the Trade Policy Review body dedicated to the sixth review of Nigeria's political and commercial practices, which takes place from the 13th to the 15th of the current month, at the headquarters of the World Trade Organization (WTO), in Geneva, Switzerland.
According to her, in a press release that ANGOP had access to on Wednesday, despite being active members of the African Union (AU), the African Continental Free Trade Area (AfCFTA) and of the WTO, trade between Angola and Nigeria is still modest.
As an example, she recalled that in 2023, Nigeria's exports to Angola reached USD 5.39 million, dominated by sales of oilseeds, various grains, seeds and fruits (68%), iron and steel products (11%), industrial machinery (7.8%) and electrical and electronic equipment (3.7%), while in the opposite direction it was just USD 749,000.
Based on these indicators, the diplomat said that commercial relations between the two countries require better development in the coming years, with an emphasis on increasing investments in the agroindustry, electronic equipment, digital services and infrastructure segments.
Margarida Izata also expressed Angola's willingness to continue working with Nigeria, which is considered an “African giant”, with the aim of establishing more dynamic, inclusive and fair commercial relationships.
At the time, the diplomat recognized the Nigerian Government's efforts to diversify non-oil sources of revenue, mainly through taxes and fees.
She highlighted that these revenues remain insufficient to meet growing budgetary needs, with Nigeria's debt profile on an upward trajectory, a reality also faced by other developing African countries.
On the other hand, she praised Nigeria's commitment to the principles of the Multilateral Trading System enshrined in the WTO, particularly with regard to the pursuit of the objectives of the Doha Development Agenda to achieve a fair, equitable and transparent trading system.
This fact provides commercial opportunities and benefits for all interested parties, thus faithfully responding to the postponed expectations of developing countries.
ACC/QCB/MRA/jmc
