The Federal Government has partnered with the Republic of Kazakhstan to strengthen and enhance trade and investment of both countries for economic growth.
Amb. Nura Rimi, Permanent Secretary, Ministry of Industry, Trade and Investment, said that the partnership would unlock huge amount of money in the trade and investment sector.
Rimi made the remarks while receiving a Kazakh delegation on a courtesy visit on Tuesday in Abuja, led by the Vice Minister of Trade and Integration, Mr Kairat Torebayev.
Rimi said that the visit marked a significant step toward deepening economic ties between the two countries.
He said the effort was a landmark to move Nigeria and Kazakhstan in establishing a robust trade and investment partnership to enhance economic growth and cooperation between the two countries.
“This crucial engagement comes just weeks after the President, Bola Tinubu, and Kazakh President, Kassym-Jomart Tokayev, met on the sidelines of the Abu Dhabi Sustainability Summit on Jan. 14,2025.
“Their commitment to strengthening bilateral economic relations has now set the stage for a major investment framework between both nations.
“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,’’ he said.
Rimi said that both countries had agreed to draft an Investment Protection Agreement (IPA), ensuring a structured and transparent investment process, as the efforts would solidify the partnership.
He announced that a Nigeria-Kazakhstan Business Forum would also be hosted soon, to finalise agreements and launch joint projects.
According to him, the 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.
“The swift follow-up from the presidential meeting to today’s discussions underscores the seriousness of both nations in fostering trade and investment,” Rimi said.
Earlier, 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. (NAN)
