Nigeria, Kazakhstan seal historic trade and investment pact worth billions

From Sola Ojo, Abuja

Nigeria and Kazakhstan have made a groundbreaking move, initiating discussions to establish a robust trade and investment partnership.

This landmark agreement, facilitated by Nigerian President Bola Ahmed Tinubu and Kazakh President Kassym-Jomart Tokayev, is expected to unlock billions in trade and investment between the two nations.

According to the Director of Press and Public Relations in the Ministry, Dr Adebayo Thomas, the partnership aims at leveraging Kazakhstan’s expertise in uranium and petrochemicals, while Kazakhstan seeks to tap into Nigeria’s rich natural resources.

“The high-level meeting between a Kazakh delegation, led by Vice Minister of Trade and Integration, Mr Kairat Torebayev, and officials from Nigeria’s Federal Ministry of Industry, Trade, and Investment, represented by Permanent Secretary, Amb. Nura Abba Rimi, marked a significant step towards deepening economic ties.

“Nigeria is keen to leverage Kazakhstan’s expertise in uranium and petrochemicals, while Kazakhstan aims to tap into Nigeria’s rich natural resources. With over 300 export-ready products identified for the Nigerian market, the potential for trade expansion is vast.

“To solidify this partnership, both countries have agreed to draft an Investment Protection Agreement (IPA), ensuring a structured and transparent investment process.

“A Nigeria-Kazakhstan Business Forum will also be hosted in the coming months to finalise agreements and launch joint projects. This historic engagement marks the beginning of a new chapter in Africa-Asia trade relations, demonstrating the potential for economic transformation when nations align their vision.

“Amb. Nura emphasised that the swift follow-up from the presidential meeting to today’s discussions underscores the seriousness of both nations in fostering trade and investment,” the Permanent Secretary was quoted as saying.

Earlier, the Kazakh leader of the delegation, Vice Minister of Trade and Integration, Mr Kairat Torebayev, acknowledged the seriousness of his country’s collaboration in the areas of trade and investment with Nigeria.

“It is remarkable that just a month after our Presidents met, we are already here discussing concrete steps to enhance trade and investment between our nations.

“Kazakhstan is a global leader in uranium and petrochemicals, while Nigeria is rich in natural resources, including minerals and agricultural products.

“The opportunities for collaboration are vast, and we are ready to explore them fully,” he said.