*Nigerian Vice-President Kashim Shettima urges both countries to transform potential into tangible economic gains beyond tariff barriers, as Vice-President Francia M谩rquez of Colombia affirms Nigeria remains ‘a strategic market’ for her country

Alexander Davis | 绿帽献妻

The Governments of Nigeria and Colombia have signed a historic Memorandum of Understanding (MoU) on political consultations, opening a new and significant chapter in relations between both countries.

绿帽献妻 reports both Nigeria and Columbia Monday, September 1, 2025, inked the bilateral agreements during the Nigeria-Colombia Bilateral Meeting and Business Forum at the Presidential Villa, in Abuja, FCT.

Amb. Yusuf Tuggar, Nigeria’s Honourable Minister for Foreign Affairs, and the Deputy Minister, Multilateral Affairs, Ministry for Foreign Affairs, Colombia, Mauricio Jaramillo Jassir.

CNG Hikes: Motorists, consumers decry N380/SCM price increment, urge industry sustainability

Jassir explained that on the bilateral front, the MoU relates to “very frequent political dialogue” with Nigeria and visa approvals for its diplomats, thereby making it easier for its diplomats to visit Nigeria.

Speaking at the plenary session of the Nigeria-Colombia Business Forum, Nigerian Vice-President (Senator) Kashim Shettima, GCON, implored both Nigeria and Colombia to take advantage of their abundant potential and turn them into palpable and substantial economic gains.

Shettima said should be driven by the private sectors of the two nations, exploring new opportunities, deepen partnerships, and address common challenges.

Stanley Nkwocha, Senior Special Assistant to The President on Media and Communications (Office of the Vice-President) Monday stated Senator Shettima also said: “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.”

READ ALSO聽 GITEX Nigeria: Minister Tijani Stresses AI Key To Unlocking Africa鈥檚 Productivity

The Vice-President said while the skepticism about the global economy, and its unpredictable politics that routinely underbids 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 explained: “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.”

On Nigeria’s response to global economic challenges

Vice-President Shettima affirmed that Nigeria is working towards elevating its agriculture from subsistence to mega-business, as well as transforming Smallholder Farmers and their agribusiness into global conglomerates.

He further stated: “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.

READ ALSO: Konga Activates 鈥楢ll In All 鈥� Everything 脳2鈥� Category Shopping Extravaganza For Consumers

“We must prioritise sectors that are natural pillars of our economies. In agriculture, we share comparative strengths in cocoa, coffee, and tropical fruits.”

Shettima also asserted: “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.”

For investors to take advantage of the opportunities that abound in their domains, the Nigerian Vice-President identified three things that Nigeria and Colombia must do

He stated these include monitoring “global trade policies to adapt swiftly.鈥�

Both countries must diversify exports to reduce dependence on single products, and “create a business environment attractive enough for foreign investors.”

He said by pursuing these, both Nigeria and Columbia “can turn shifting tides into shared prosperity.”

On cultural ties between both nations, Senator Shettima said: “Our practical roadmap to the future is to acknowledge that culture is a bridge for innovation, economic development, and mutual prosperity.

“Nigeria鈥檚 creative sector remains an engine for unleashing the potential of our teeming youth population.”

The Vice-President noted: “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鈥檚 literature, languages, music, films, arts, and festivals.”

Speaking at the meeting with the Nigerian team, Vice-President (Mrs.) Francia M谩rquez of the Republic of Colombia, said her team was in Nigeria to reaffirm bilateral relations, noting that the country remains a strategic market for Colombia.

M谩rquez noted that Colombia confirmed that her country is currently exporting to Nigeria, particularly in the field of leather.

She also disclosed that the Columbian Government seeks to explore new paths with Nigeria in renewable energy.

“We can make progress in higher education,” by connecting Colombian and Nigerian youths, she stated.

She further stated the business meeting in Nigeria would allow Nigeria to explore cooperation opportunities and work together in the fields of technology and services for both countries’ people.

Commending the Nigerian Government for the hospitality, Vice-President M谩rquez assured “we will work together for social development, social justice, peace, and security for our people.”

Earlier, Minister Foreign Affairs Minister Tuggar, had maintained that Colombia’s history is tied to Nigeria, particularly during the slave trade when Nigerians found their way to Colombia.

Tuggar said the development was an opportunity to strengthen historical and economic ties between both countries and bolster trade.

He also said there “is room for improvement” in areas such as agriculture, hydrocarbons, and pharmaceuticals.

Also, the Deputy Minister of Multilateral Affairs, Ministry of Foreign Affairs, Colombia, Mauricio Jaramillo Jassir, said it is very important for Colombia to diversify its relationship with the world, especially with Nigeria.

For the Colombian side, he stressed the importance of exploring its relations with Nigeria, maintaining that Nigeria remains the best gateway to reinforce bilateral cooperation with Africa, expressing optimism that the Nigerian side will explore Colombia’s strategic position in South America.

On the bilateral front, he said two Memoranda of Understanding (MoUs) were of interest to Colombia: to have “very frequent political dialogue” with Nigeria and visa approvals for its diplomats so it will be easier for its diplomats to visit Nigeria.

Presenting investment opportunities in Nigeria, the Deputy Director of the Nigerian Investment Promotion Commission, Mr. Emmanuel Longza, said Nigeria is a strategic location with a population of 250 million, very rich in natural resources, while investors can enjoy tax duty waivers among other incentives.

Longza listed Nigeria’s untapped treasures to include arable lands, solid minerals, crude oil, the creative and art industry, manufacturing, technology, and renewable energy.

In terms of agriculture, he said Nigeria has 34 million hectares of arable land, with only 46% currently cultivated, implying there is a huge opportunity for agricultural production across the country.

He added that there are industrial parks across Nigeria designed to boost export-oriented industries while attracting businesses.

On why Colombia matters to Nigeria, he said both countries could collaborate on agricultural opportunities and energy transition, among others.

Delivering the plenary address on Nigeria’s Trade and Investment Landscape (Impact, Achievements, and Opportunities), Dr. Jumoke Oduwole,

Nigeria’s Honourable Minister for Industry, Trade and Investment (FMITI), said President Bola Ahmed Tinubu had taken bold structural steps to correct long-standing macroeconomic distortions through the removal of the petroleum subsidy, exchange rate unification, and fiscal tightening to restore credibility.

Oduwole averred that Nigeria has emerged as the continent’s Financial Technology (FinTech) powerhouse with top unicorns domiciled in the country.

The Minister declared: “As a result, today we are proud to serve as co-champions of digital trade under the African Continental Free Trade Area (AfCFTA).”

Kindly Share This Story