Nigeria’s Foreign Minister Yusuf Tuggar emphasized that global trade with Africa should be built on mutual respect and shared growth, rather than solely focused on resource extraction. Speaking at the Reuters NEXT Gulf Summit in Abu Dhabi, Tuggar highlighted the importance of sustainable and equitable economic partnerships that support Africa’s development goals.
He urged developed nations to approach trade with Africa as a long-term collaboration rather than a transactional exchange for raw materials. “The engagement should be based on mutual respect and shared interests,” Tuggar said. “Africa’s development is essential for addressing wider challenges, including migration and economic inequality.”
Tuggar noted that Nigeria remains resilient amid global trade shifts and tariff changes. While U.S. trade policies currently impose a 15% levy on some goods, Nigeria’s vital oil and gas exports are exempt. The minister added that Nigeria continues to strengthen trade relations with diverse partners including China, India, and Brazil, supported by its expanding domestic market of over 230 million people.
He also discussed ongoing economic reforms aimed at improving investment conditions, such as exchange rate stabilization, tax incentives, power sector restructuring, and renewable energy initiatives. These measures, Tuggar said, are designed to create jobs and enhance Nigeria’s competitiveness in global markets.
Tuggar further addressed the importance of accurate international perceptions of Nigeria, encouraging investors to explore opportunities and witness the country’s economic progress firsthand.
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