Nigeria’s Foreign Minister, Yusuf Tuggar, has called for increased economic partnerships with Brazil, targeting significant investments in key sectors, during a high-level business roundtable in Rio de Janeiro.
The event, organised by Brazil’s investment promotion agency, ApexBrasil, in conjunction with the Brazilian Foreign Ministry and the Brazilian Development Bank (BNDES), brought together investors and business leaders from both nations.
Ambassador Tuggar emphasised the need to revitalise trade relations between Nigeria and Brazil, building on their shared historical and cultural connections. He stressed that both countries should leverage their strengths, with private sector innovation and government support driving economic growth.
“Our countries share a legacy of cooperation. Now is the time to translate that legacy into tangible economic progress,” Tuggar stated. “Nigeria presents vast opportunities across energy, agriculture, aviation, and digital technology, and stands open for business.”
He highlighted Nigeria’s ongoing reforms and the government’s commitment to reducing investment risks, particularly through insurance mechanisms, to attract long-term strategic partnerships.
Marcelo Salum, representing the Brazilian Foreign Ministry, echoed Tuggar’s sentiments, acknowledging the potential for mutual benefit. He pointed to Nigeria’s burgeoning tech sector, including its “unicorn” companies, and identified opportunities for collaboration through initiatives like the Green Imperative Project and expanded trade in sugar and ethanol.
The roundtable also saw participation from key Brazilian companies, including Petrobras and Embraer, as well as Nigerian officials such as Ambassador Basil Okolo and Aisha Rimi, CEO of the Nigerian Investment Promotion Commission (NIPC).
This event is seen as a crucial step towards strengthening economic ties between Nigeria and Brazil, with both nations expressing a commitment to fostering a resilient and innovative trade and investment partnership. Sources and related content
Add Comment