Nigeria and Colombia have signed a historic Memorandum of Understanding (MoU) on political consultations, marking a new chapter in the bilateral relations between both nations.
The agreement was signed on Monday during the Nigeria-Colombia Bilateral Meeting and Business Forum at the Presidential Villa by Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and Colombia’s Deputy Minister for Multilateral Affairs, Mauricio Jaramillo Jassir.
Speaking at the plenary session, Nigeria’s Vice President, Senator Kashim Shettima, urged both nations to transform their abundant potential into real economic benefits.
“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,” he said.
The Vice President noted that global uncertainties were reshaping trade patterns and that Nigeria was already moving to diversify its economy beyond crude oil.
He stressed: “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.”
Senator Shettima said Nigeria was working to elevate agriculture “from subsistence to mega-business, as well as transforming smallholders into global conglomerates.”
He continued: “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.”
He identified three priorities for both countries: monitoring global trade policies, diversifying exports, and creating a favourable investment climate.
“By pursuing these, both nations can turn shifting tides into shared prosperity,” he said.
On culture, the Vice President said: “Our practical roadmap to the future is to acknowledge that culture is a bridge for innovation, economic development, and mutual prosperity. 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.”
Colombia’s Vice President, Mrs. Francia Márquez, reaffirmed her country’s commitment to Nigeria, describing it as a strategic market.
“We are in Nigeria to reaffirm our bilateral relations,” she said. “We are currently exporting to Nigeria, particularly in the field of leather, and we seek to explore new paths with Nigeria in renewable energy. Similarly, we can make progress in higher education by connecting Colombian and Nigerian youths.
“This business meeting will allow Nigeria to explore cooperation opportunities and work together in the fields of technology and services for both countries’ people. We will work together for social development, social justice, peace, and security for our people.”
Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, highlighted the historic ties between both nations.
“Colombia’s history is tied to Nigeria, particularly during the slave trade when Nigerians found their way to Colombia. This is an opportunity to strengthen historical and economic ties between both countries and bolster trade,” he said, adding that there was “room for improvement” in agriculture, hydrocarbons, and pharmaceuticals.
Deputy Minister Mauricio Jaramillo Jassir said Colombia was keen on deepening cooperation with Nigeria.
“It is very important for Colombia to diversify its relationship with the world, especially with Nigeria. Nigeria remains the best gateway to reinforce bilateral cooperation with Africa, and we are optimistic Nigeria will explore Colombia’s strategic position in South America,” he said.
On the bilateral front, he disclosed that Colombia was particularly interested in two MoUs: “to have very frequent political dialogue with Nigeria and visa approvals for its diplomats, making it easier for them to visit Nigeria.”
Nigeria’s Deputy Director of the Nigerian Investment Promotion Commission (NIPC), Mr. Emmanuel Longza, outlined investment opportunities in the country, describing Nigeria as “a strategic location with a population of 250 million, very rich in natural resources, while investors can enjoy tax duty waivers among other incentives.”
He added: “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. There are industrial parks across Nigeria designed to boost export-oriented industries while attracting businesses.”
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said President Bola Tinubu had taken bold steps to correct “long-standing macroeconomic distortions” through subsidy removal, exchange rate unification, and fiscal tightening.
“As a result, today we are proud to serve as co-champions of digital trade under the African Continental Free Trade Area (AfCFTA),” she said, adding that Nigeria has emerged as the continent’s fintech powerhouse.
Boluwatife Enome
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