Nigeria, Colombia Sign Agreement On Trade, Agriculture, Energy

…Tariff Barriers Show Danger Of Narrow Export Base, Says Shettima

Nigeria and Colombia on Monday signed a Memorandum of Understanding (MoU) to strengthen political consultations and deepen cooperation in trade, agriculture, and energy.

The agreement was sealed at the Nigeria-Colombia Bilateral Meeting and Business Forum held at the Presidential Villa, Abuja. It was signed by Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and Colombia’s Deputy Minister of Multilateral Affairs, Mauricio Jaramillo Jassir.

Vice President Kashim Shettima, who spoke at the plenary session of the business forum, urged both countries to translate their vast potential into tangible economic gains. He stressed that the private sector must take the lead in driving trade, investment, and agricultural development.

“We cannot achieve that unless we compare our differences and similarities, as well as our resources and potential. This is a practical way to propel trade and investment, improve agriculture, foster culture, and exchange ideas that will mutually benefit our countries.

“The private sectors of our two nations are therefore urged to take advantage of the abundant potential of our countries and transform them into tangible economic gains,” the Nigerian VP was quoted by his spokesman, Stanley Nkwocha, to have said.

Shettima noted that while the scepticism about the global economy and its unpredictable politics is redefining trade patterns, Nigeria had since deemed it necessary to diversify and expand its exports beyond crude oil, with agriculture, minerals, and manufactured products as some of the new areas of concentration.

He said, “The tariffs that confront our exports in other parts of the world are a reminder of the danger of dependence on a narrow base.

“For Nigeria, this is a call to diversify our exports beyond crude oil, expanding into agriculture, minerals, and manufactured products. I believe that Colombia too is bound by the determination to expand its economy beyond the bounds of tariff barriers.”

The Vice President also identified opportunities for collaboration in cocoa, coffee, tropical fruits, oil and gas, renewable energy, and manufacturing. He also identified monitoring global trade policies, diversifying exports, and creating an investor-friendly environment as critical steps for shared prosperity.

“As a country, we are investing in innovative technologies for livestock breeding, developing machinery, producing chemical-based products such as fertilizers, herbicides, and pesticides, and creating a strong supply chain. This is also an area where partnerships with Colombia will be vital.

“We must prioritise sectors that are natural pillars of our economies. In agriculture, we share comparative strengths in cocoa, coffee, and tropical fruits. In energy, Nigeria remains a leader in oil and gas, while Colombia has potential in coal and renewable energy.

“In manufacturing, from textiles to machinery, both nations can collaborate to build capacity, exchange knowledge, and attract the kind of investments that secure jobs and prosperity for our peoples.”

Shettima further described culture as a bridge for innovation and youth empowerment, calling for deeper exchanges in education, technology, and the creative sector.

“Nigeria’s creative sector remains an engine for unleashing the potential of our teeming youth population. Reinforcing our connections in culture, education, science, and technology is fundamental for building a resilient and globally competitive creative economy.

“It is therefore time to collaborate in capacity building, skill development, cultural exchange, digital innovation, and intellectual property protection. We must extend our acquaintance to each other’s literature, languages, music, films, arts, and festivals,” he said.

Colombia’s Vice President, Francia Márquez, described Nigeria as a strategic market, noting her country’s interest in renewable energy, higher education, and technology partnerships. She assured that Colombia was committed to working with Nigeria to promote social justice, peace, and economic development.

Nigeria’s Minister of Foreign Affairs, Amb. Yusuf Tuggar spoke on the historic ties between both nations and expressed optimism that the pact would strengthen cooperation in agriculture, hydrocarbons, and pharmaceuticals.

Officials of the Nigerian Investment Promotion Commission also showcased opportunities in solid minerals, technology, renewable energy, and Nigeria’s vast arable land, positioning the country as a prime destination for Colombian investment.