Abuja: Investment and Foreign Trade Minister Mohamed Farid Saleh emphasized Nigeria's significance as an economic and investment partner for Egypt, noting its potential as a promising market for Egyptian enterprises and products. Farid's comments were made during meetings with Nigeria's Interior Minister Olubunmi Tunji-Ojo and Commissioner for Insurance Olusegun Ayo Omosehin, held on the sidelines of the eighth ministerial meeting of the African Continental Free Trade Area (AfCFTA) in Abuja, Nigeria.
According to State Information Service Egypt, the minister highlighted efforts to enhance collaboration with African nations and explore new avenues for investment and trade, aiming to bolster economic integration across the continent. During these discussions, it was noted that trade between Egypt and Nigeria is expected to reach $223 million in 2025, with Egyptian exports to Nigeria amounting to approximately $51 million in the first quarter of the year, compared to imports valued at $5 million.
The discussions between the two countries included potential collaborations in digital identity and electronic customer verification systems (e-KYC). Egypt shared its expertise in developing an advanced digital identity system, which could serve as a beneficial model for other African nations. Both parties agreed to conduct technical meetings involving specialized Egyptian companies to explore joint projects in digital identity and digital transformation.
Furthermore, the Egyptian minister engaged with the head of the Nigerian National Insurance Commission to discuss enhancing cooperation in insurance and financial services, as well as exploring partnerships in healthcare, health insurance, pharmaceutical industries, and medical tourism. Emphasis was placed on facilitating the registration of Egyptian medicines in Nigeria and organizing an Egyptian investment mission comprising pharmaceutical companies, private hospitals, and medical insurance firms to identify investment prospects.
The meetings concluded with both countries agreeing to maintain coordination and convene technical sessions to formulate mechanisms for implementing joint cooperation projects. This involves transferring Egyptian expertise, boosting investment and trade, and reinforcing the presence of Egyptian companies in Nigerian and broader African markets.