Nigeria’s exports to Angola total $16.8 million over three years

Nigeria's exports to Angola total $16.8 million over three years
Nigeria's exports to Angola total $16.8 million over three years

During the period from 2020 to 2022, Nigeria’s exports to Angola reached a total of $16.8 million, as reported by Domingos Lopes, the Secretary of State for International Cooperation and Angola Communities.

This information was shared at the inaugural Angola-Nigeria interactive business forum held in Abuja.

Lopes, representing His Excellency T├ęte Antonio, the Minister of External Relations, highlighted the longstanding ties between both nations, which commenced with the signing of the first economic, technical, scientific, and cultural cooperation agreement in 1976.

He emphasized that the relationship between the two countries has been notable across various sectors, including diplomacy, defense and security, petroleum, education, culture, and transportation.

During the specified period from 2020 to 2022, Angola exported goods valued at $5.6 million to Nigeria, while their imports from Nigeria amounted to $16.8 million.

This trade activity resulted in a trade imbalance of approximately $11.2 million.

In terms of the main product categories, Angola primarily exported crude oil, accounting for approximately 42% of their total exports to Nigeria.

Other significant categories included optics and precision products at 20%, and mechanical machines and devices, constituting 14% of the total volume of exports.

On the import side, the major product groups included machinery and apparatus, CKD (completely knocked down) components, plastics, rubbers, and other transportation materials.

Together, these groups represented more than half of the total exports during the mentioned period, with shares of 41%, 19%, and 15%, respectively.

Lopes also expressed Angola’s reliance on Nigeria’s support during its ongoing economic reform initiatives, acknowledging the broader challenges facing the international system and the need for friendly nations to collaborate during such times.

Minister of Information and National Orientation, Mohammed Idris, reiterated the commitment of President Bola Tinubu’s administration to strengthening bilateral relations with countries like Angola.

He emphasized the desire to deepen these relationships through initiatives such as the forthcoming Memorandum of Understanding on Public Communication and Media Exchange with the Angolan Embassy in Nigeria, underscoring Nigeria’s willingness to support Angola’s domestic and foreign aspirations, expecting a reciprocal relationship.