Raphael Oni
In a move to bolster economic cooperation, Singapore has expressed its willingness to strengthen bilateral trade ties with Nigeria, according to Dr. Maliki Osman, Minister in the Prime Minister’s Office of Singapore. This development comes as the two nations prepare to commemorate their 55th anniversary of diplomatic relations in 2025.
Nigeria and Singapore have been fostering economic relations through various agreements, including the Nigeria-Singapore Bilateral Investment Treaty and the Singapore-Nigeria Air Services Agreement. These agreements aim to promote investment and facilitate trade between the two countries.
Key Trade Highlights:
Trade in Goods: Nigeria is Singapore’s fourth largest trading partner in Sub-Saharan Africa, with trade amounting to over 500 million Singapore Dollars ยน.
Bilateral Trade in Services: Worth about 1.3 billion Singapore Dollars in 2022, with Nigeria being an attractive destination for Singapore companies.
Investments: Singapore companies have invested over 4.5 billion U.S. dollars in Nigeria, focusing on agribusiness, oil and gas, transport and logistics, and infrastructure sectors.
Dr. Osman invited Ambassador Yusuf Tuggar, Minister of Foreign Affairs, to participate in the 2025 High-Level Ministerial visit to Singapore. This visit aims to connect business communities from Africa with Singapore and promote trade cooperation.
Ambassador Dunoma Ahmed, Permanent-Secretary, Ministry of Foreign Affairs, emphasized the need to explore new areas of collaboration through trade. He urged the delegation to work closely with the government to strengthen trade cooperation and create an enabling environment for businesses to thrive.
As Nigeria diversifies its economy into non-oil areas, such as mining, agriculture, renewable energy, and tourism, Singaporean companies are invited to invest, recognizing Nigeria as one of the most attractive investment destinations globally .
