May 29, 2023

Tumbler Ridge News

Complete News World

Doing Business Morocco-Nigeria: Significant Economic Potential

« Doing business with Nigeria » is the title of the first inaugural webinar Export RoadShow Webinaires: Doing Business 2023 Organized this week by the Association of Moroccan Exporters (ASMEX).

The virtual meeting follows the development of trade and bilateral relations between the two countries, ASMEX said in a statement, with the conference chaired by the Chairperson of the Africa Commission, Saloua Karkri.
ASMEX and led by Brahim Allali, an expert in corporate internalization strategy.

« Nigeria is one of Africa’s largest economic markets, in which Morocco is involved in several major projects, notably the flagship GAZODUC project. The primary objective is to seize existing investment opportunities, particularly through the African Free Trade Area (ZLECAF), and to strengthen trade between the countries of the continent in general, particularly through exchanges between Morocco and Nigeria. In his inaugural address to the more than 135 companies that attended the meeting, Salova Karkri, quoted in the press release, revealed.

Therefore, of the $3 billion raised by ASMEX for African startups, the largest share goes to Nigerian startups, hence the interest in increasing trade between Rabat and Abuja.

In this sense, Brahim Allali’s announcement of major joint projects between the two countries, King Mohammed VI’s visit to Nigeria in 2016 and His Excellency Muhammadu Buhari’s visit to Morocco in 2018 represent the same evidence. A historic moment in the history of relations between the two countries, Allali said.

Among the major projects connecting the two countries, the ASMEX gas pipeline megaproject (5600 km) was approved seven years ago during a royal visit and will have a major impact on bilateral relations between the two countries, thanks to the Free Trade Area (Zlecaf) which will facilitate the free movement of goods and services. , and strengthen exchange of expertise.

See also  Royal Air Maroc is strengthening its flight program to Spain and Portugal

Therefore, the Nigerian market is full of important sectors with high export potential which are not exploited such as Mechanical and Metallurgical Industry (IMM), Electronics / Electrical, Chemicals-Parachemicals etc. The agribusiness and fisheries market offers countless opportunities for Moroccan investors and exporters.

Nigeria’s major trading partners in 2022 are the European Union, India, Canada, the United States and Indonesia, with trade exchanges mainly focused on exports and comprising 89% mineral fuels, 3% sea or river navigation, 2% fertiliser, 1.30% cocoa and its products, 4% Other items.

Trade between Morocco and Nigeria is still insufficient and does not reflect the impact of the two countries on the continent, but the growth potential is considerable and both parties are determined to develop it in the coming years, ASMEX raises.

The association is expected to see increased imports and exports between the two countries over the period 2019-2022. Morocco moved from 38th supplier to Nigeria in 2022, to 43rd in 2019, while Nigeria moved from 65th supplier to 56th supplier to Morocco.

Nigeria’s assets as an investment land begin with its strong growth
With the population growth rate estimated to be more than 225 million people in 2022
A population of 2.53% (Africa’s most populous country) underlines the same evidence.

But the country is Africa’s 1st power in terms of gross domestic product ($440.8 billion in 2021), an important hydrocarbon resource, 1st African producer and 5th world oil producer, 11th world proven oil reserves, 9th reserve.

The country, ASMEX continues, also has a large mining potential (gold, barite, tin, zinc, iron ore, coal, limestone, niobium, lead and other reserves), thus exhibiting rapid growth in the technology finance and film industry.
(Nollywood), has high growth potential.

See also  European Parliament refuses to debate police violence in France

Also, for the most promising sectors, Brahim Allali specifically cited agriculture and agri-food, citing the production of mechanized crops such as rice, corn, and sugarcane.

He is involved in oil (manufacturing but especially refining and by-products), construction, civil engineering, construction, carpentry, interior decoration and maintenance, communication and e-commerce (mobile telephony, computer products and equipment, power distribution …) and finally electricity. Energy through generation and distribution.