Nigerian exports to Angola reached $ 16.8 million between 2020 and 2022, according to Domingos Lopes, the Secretary of State for International Cooperation and Angola Communities.
At the inaugural interactive Angola-Nigeria business event, which took place in Abuja on Thursday, Lopes made this statement.
The Secretary, who spoke in place of His Excellency Téte Antonio, Minister of External Relations, noted that the first agreement for economic, technical, scientific, and cultural cooperation was signed by both nations in 1976. He also noted that the two nations’ exchanges have been notable in the areas of diplomacy, defense and security, petroleum, education, culture, and transportation.
Angola exported commodities to Nigeria for an estimated USD 5.6 million over the previous three years (between 2020 and 2022), according to estimates.
“In the last three years (between 2020 and 2022), Angola’s export of goods to Nigeria was estimated at USD 5.6 million, and its importation stood at USD 16.8 million, corresponding to a negative trade balance of approximately USD 11.2 million,” he said.
Regarding the primary product category, Angola exported crude oil to Nigeria in an amount of roughly 42%, followed by optics and precision in an amount of 20%, and mechanical machines and devices with their function in an amount of 14%.
Machines and apparatus, CKD, plastics, rubbers, and other transport materials were among the imported product category that was part of the acquisition. When combined, these groupings account for 41%, 19%, and 15%, respectively, of all exports during the time period.
He also mentioned that Nigeria is supporting Angola’s economic restructuring.
“The current international system is facing a number of challenges,” said Lopes.
Being a part of the system, Angola is living through a unique period characterized by structural reforms intended to change its macroeconomic status.
The Angolan government intends to rely on the assistance of friendly nations that are constantly on its side to accomplish this goal, and one of them is unquestionably Nigeria.
Through a deliberate pursuit of fruitful bilateral relations, the administration of President Bola Tinubu, according to Minister of Information and National Orientation Mohammed Idris, will continue to deepen both mutual relationships.
President Bola Tinubu wants to strengthen ties between Nigeria and other African nations, particularly Angola, according to Idris.
“As part of our efforts to strengthen our connection, we are seeking to sign a Memorandum of Understanding on Public Communication and Media Exchange with the Embassy of Angola in Nigeria.
Nigeria is very eager to help Angola’s internal and international objectives as well as the nation’s general development; in return, we demand reciprocity.
The forum, according to Amb. Jose Zau of Angola’s embassy in Nigeria, will assist deepen Nigeria and Angola’s economic connections.