Nigeria and Colombia have signed a landmark Memorandum of Understanding (MoU) on political consultations, signalling a new chapter in diplomatic and economic relations between the two countries.
The agreement was signed on Monday at the Presidential Villa in Abuja during the Nigeria-Colombia Bilateral Meeting and Business Forum.
The MoU was signed by Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and Colombia’s Deputy Minister of Multilateral Affairs, Mauricio Jaramillo Jassir.
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According to Jassir, the agreement will facilitate frequent political dialogue and simplify visa approvals for Colombian diplomats visiting Nigeria.
Speaking at the Business Forum, Nigeria’s Vice President, Senator Kashim Shettima, urged both nations to leverage their potential to achieve tangible economic gains.
He emphasised the need for the private sector to lead the way, exploring new opportunities and addressing common challenges.
Shettima noted that in response to global trade volatility and tariff barriers, Nigeria is actively diversifying its exports beyond crude oil to include agriculture, minerals, and manufactured goods.
He stressed that both nations must also diversify their economies and create an attractive business environment for foreign investors.
Colombian Vice President, Francia Márquez, affirmed her country’s commitment to the partnership, stating that Nigeria is a strategic market for Colombia.
She mentioned that her country currently exports leather to Nigeria and is eager to explore collaboration in renewable energy and higher education.
Márquez expressed optimism that the business meeting would lead to new cooperation opportunities in technology and services for both countries.
Minister of Foreign Affairs, Yusuf Tuggar, highlighted the historical ties between Nigeria and Colombia, rooted in the slave trade, and saw the new agreement as an opportunity to strengthen both historical and economic connections.
Deputy Minister Jaramillo Jassir stressed that for Colombia, Nigeria is the best gateway to reinforcing bilateral cooperation with Africa.
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Emmanuel Longza, Deputy Director of the Nigerian Investment Promotion Commission (NIPC), presented Nigeria’s investment opportunities to the Colombian delegation, highlighting the country’s strategic location, rich natural resources, and uncultivated arable land.
He also noted that Nigeria is a fintech hub and is taking structural steps to correct macroeconomic distortions through the removal of fuel subsidies and the unification of exchange rates.
