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Morocco, Nigeria to increase trade following King’s visit

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Nigeria and the Kingdom of Morocco are set to sign 15 agreements in various areas of cooperation, the Minister of Foreign Affairs, Dr Geoffrey Onyeama has said.

Confirming this to State House correspondents in Abuja on Friday, Onyeama said President Muhammadu Buhari and the Moroccan King, Mohammed VI would be witnesses to the signing.

It could be recalled that Mr. Laoye Jaiyeola, Chief Executive Officer, Nigerian Economic Summit Group (NESG), said on Thursday that public and private sectors of both countries would collaborate to leverage on opportunities for sustainable economic growth.

He said this in Lagos during a Nigeria – Morocco Business Meeting on the theme: “Business Climate and Investment Opportunities”.

According to Jaiyeola, improved business relations between both countries will create mutual benefits, connect the continent’s markets and enhance competitiveness.

In this development, Dr. Onyeama said the agreements which will create mutual benefits to both countries, will touch on trades, oil and gas, fertilizer production amongst others.

“There are about 15 agreements that are going to be signed in various areas of cooperation.

“You know in private sector, Dangote company will be signing agreement on fertilizer production because Morocco is a big fertilizer producer and of course we are hoping that together we can be able to produce fertilizer at affordable price in this country.

“In the agricultural area, fishery, there is an agreement to be signed there; Air travel Agreement, the Sovereign Wealth Fund; to help us in the in the Clean Energy,’’ he said

On what Nigeria stands to gain from the King’s visit, he said: “Hopefully in the short and medium terms it could run into billions.

“We are looking at a trans-Africa gas pipeline that is going to run along the coast of West Africa from Nigeria to Morocco giving us the potential to supply gas to Europe directly. We are talking billions of dollars there.

“The potential is enormous. The visit is very important, it is a win-win visit, win for Morocco and win for Nigeria.’

Earlier, Mr. Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI), had said that improved trade relations would boost regional integration between both countries.

He noted that the strategic partnership between both countries would unlock several trade and investment opportunities in the West African region.

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