Nigeria, Rwanda sign MoU to boost trade in Agriculture, energy, others

The MoU, signed on the sidelines of the 2024 Lagos International Trade Fair aims to enhance trade and investment ties between the two nations. It also aims to foster collaboration and create new avenues for businesses in both countries,

Specific sectors identified for collaboration include agriculture (with a particular interest in Rwandan coffee and tea production), energy, manufacturing, technology, and creative industries, according to a statement by Maureen Chukwura, head of Communication, Rwanda Embassy in Nigeria on Thursday.

The statement explained that the MoU provides a comprehensive framework for cooperation in key areas such as trade facilitation, investment promotion, information sharing, capacity building, and joint events organization.

According to the statement, under the MoU, the LCCI and PSF Rwanda will work together to streamline trade procedures, reduce barriers, and promote the exchange of goods and services between Nigeria and Rwanda.

The parties seek to identify and promote investment opportunities in both countries, exchange information on market trends, and build capacity to enhance the competitiveness of businesses in both countries.

The partnership is expected to facilitate greater trade flows between the two countries, attract investment in key sectors, contribute to economic growth and job creation, and enhance competitiveness, among others.

”This MOU is a testament to our shared vision—a vision of a vibrant and interconnected African business landscape where Rwanda and Nigeria stand as beacons of economic collaboration and mutual growth”, Christophe Bazivamo, High Commissioner of Rwanda to Nigeria stated.

“The Rwandan government is fully committed to supporting this endeavor. We have implemented policies to streamline business procedures, enhance infrastructure, and promote a conducive investment climate.” he added.

Gabriel Idahosa, President of LCCI representative outlined the objectives of the partnership, including enhancing business relationships, exploring investment opportunities, and sharing best practices between Nigerian and Rwandan businesses.