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Nigeria/Angola Trade Ties Record $22.4billion in three years

By Obiabin Onukwugha

The export/import trade ties between Nigeria and Angola reached a record $22.4billion between 2020 to 2022.

Out of this, Angola’s exportation of goods to Nigeria was estimated at USD 5.6 million, while that of Nigeria to Angola stood at $16.8million, corresponding to a negative trade balance of about USD 11.2million.

This was revealed by the Angolan Minister of External Relations, Téte Antonio, at the first interactive Angola-Nigeria business forum held in Abuja, recently.

Antonio, who was represented by the Secretary of State for International Cooperation and Angola communities, Domingos Lopes, pointed out that in the main product group, Angola exported crude oil weighing about 42% to Nigeria, while optics and precision accounted for 20%.

The Angolan Minister of External Relations, also informed that mechanical machines and devices with their function accounted for 14% of the total volume of exports.

He further pointed out that the ties between both countries were marked by signing of the first economic, technical/scientific and cultural cooperation agreement in 1976, adding that the exchange between the two countries have been remarkable in the diplomatic, defence 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.

“In the area of importation of acquired product group were machine and apparatus, CKD, plastics, rubbers and other transport materials. These groups in their total represent more than half of the total exportation during the period (41%, 19% and 15% respectively),” he said.

Antonio also noted that the Angolan government was looking up support from Nigeria during its economic reforms.

“The present international system is facing various challenges. 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 intend to count on the support of friendly countries who are always on its side, and one of these is indisputably Nigeria,” he said.

Responding, Minister of Information and National Orientation, Mohammed Idris, assured that the Nigerian government under President Bola Tinubu will continue to strengthen both mutual ties, through a deliberate pursuit of productive bilateral relations.

“President Bola Tinubu is desirous to deepen the relationship between Nigeria and other African countries, including Angola. Among other things, we are working on signing a Memorandum of Understanding on Public Communication and Media Exchange with the Embassy of Angola in Nigeria, as part of efforts to deepen our relationship. Nigeria is very much keen to support Angola’s domestic and foreign aspirations and the country’s overall development, and we expect reciprocity in this regard,” Idris stated.

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