Business Post Contributor
By Grace Sullivan
In recent times, the camaraderie between Nigeria and Angola has taken a notable stride towards fostering bilateral trade and economic development. This collaboration isn’t just a passage to enhance trade volumes but a gateway for Nigeria to glean insights from Angola’s diversified economy. Unlike Nigeria’s heavy reliance on oil, Angola has made commendable advances in embracing renewable energy and diversifying its economy.
The interactive Angola-Nigeria business forum was not just a rendezvous for trade talks but a confluence of ideas, shedding light on the untapped potential within and beyond the oil sector. As Nigeria’s exports to Angola soared to $16.8 million between 2020 and 2022, it’s evident that the demand for Nigerian products is on an upward trajectory. However, a deeper dig reveals an opportunity for Nigeria to broaden its economic horizon, learning from Angola’s strides in economic diversification.
Angola’s economic landscape is a testimony to the benefits of a diversified economy. The country has been manoeuvring through the economic currents with structural reforms aimed at transforming its macroeconomic situation. On the flip side, Nigeria’s economic backbone is still heavily oiled, with a pressing need to follow suit by delving into other sectors, notably renewables.
The economic synergy between Nigeria and Angola is not just a win-win for trade and investment but a light towards a sustainable economic future for Nigeria. By strengthening these ties further, Nigeria does not only stand to increase its trade volumes but garner insights into transitioning from an oil-dependent economy to a more diversified and sustainable one.
Moreover, the discussions around signing a Memorandum of Understanding on Public Communication and Media Exchange, as noted in the forum, are steps in the right direction. They symbolize a deeper commitment to not just economic ties but knowledge exchange, which is crucial for Nigeria’s journey towards economic diversification.
The fortified Nigeria-Angola ties are more than just a bilateral relationship; they are a canvas of opportunities and lessons for Nigeria. The burgeoning relationship should be nurtured, and a leaf should be taken out of Angola’s book to steer Nigeria towards a diversified economy, reducing its over-reliance on oil and embracing the winds of renewable energy.
