In a keynote speech at the Nordic-African Business Summit in Oslo, Nigeria’s Minister of Foreign Affairs Yusuf Tuggar emphasized the potential for ground-breaking cooperation between Nordic and African nations. Mr. Tuggar acknowledged the current global economic downturn, rising inequality, and geopolitical tensions, but highlighted the vast opportunities for growth and development on the African continent.
“The entrepreneurs here have a unique opportunity to use their individual agency to take advantage of the enormous opportunities that exist on the African continent,” Tuggar stated.
He cited the African Continental Free Trade Area (AFCFTA) as a game-changer, with tariff removals set to unleash a value of $50-70 billion. Tuggar encouraged Norwegian businesses to capitalize on Africa’s growth potential, particularly in Nigeria, which is expected to have a population of 400 million by 2050.
Key Areas for Collaboration:
- Renewable Energy: Africa can produce 10% of the world’s renewable energy by 2040, with opportunities in solar, wind, and hydro.
- Fintech: Nigeria is a leader in Fintech, with expected growth of 12% per year until 2027.
- Manufacturing: Norwegian companies can establish themselves in Nigeria’s investor-friendly Special Economic Zones.
Minister Tuggar emphasized the need for partnership over charity, praising Norfund’s investment efforts and encouraging others to follow suit. He concluded by urging the audience to engage with successful Nigerian entrepreneurs, citing their resilience and problem-solving skills.
“In the famous words of Aha, ‘Take on Me, Take On Nigeria, Take on Africa,'” Tuggar said, ending his speech on a note of optimism and collaboration.
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