Nigeria, Colombia Sign MoU to Strengthen Economic Ties
Nigeria and Colombia on Monday signed a historic Memorandum of Understanding, MoU, on political consultations, marking a new phase in their diplomatic and economic relations.
The MoU, signed at the Presidential Villa, Abuja, during the Nigeria-Colombia bilateral meeting and business forum, was endorsed by Nigeria’s Foreign Affairs Minister, Amb. Yusuf Tuggar, and Colombia’s Deputy Minister for Multilateral Affairs, Mauricio Jaramillo Jassir.
It provides for regular political dialogue and easier visa processes for Colombian diplomats.
Speaking at the forum, Nigeria’s Vice President, Senator Kashim Shettima challenged both countries to translate their vast potential into concrete economic gains, urging private sector actors to drive partnerships in trade, agriculture, culture, and investment.
According to him: “We cannot achieve this unless we compare our differences and similarities, as well as our resources and potential.
“The private sectors of our two nations must take advantage of these opportunities and transform them into tangible economic gains.”
Vice President Shettima stressed that Nigeria, faced with global tariff barriers and the unpredictability of the global economy, is diversifying its exports beyond crude oil to agriculture, minerals, and manufactured goods. He added that the government is investing heavily in large-scale agriculture, innovative technologies, and value chains, areas where Colombia could play a strategic role.
He said: “In agriculture, we share comparative strengths in cocoa, coffee, and tropical fruits. In energy, Nigeria leads in oil and gas, while Colombia has potential in coal and renewables. In manufacturing, from textiles to machinery, we can build capacity and attract investments that create jobs and prosperity.”
Shettima further called for stronger cooperation in culture and the creative economy, describing culture as “a bridge for innovation, development, and mutual prosperity.”
He stated that collaborations in film, music, education, and digital innovation could unlock opportunities for the youth of both nations.
Colombian Vice President Francia Márquez reaffirmed her country’s commitment to deepening ties, describing Nigeria as a “strategic market” for Colombia.
She noted that Colombia already exports leather products to Nigeria and expressed interest in expanding into renewable energy, higher education, and technology partnerships.
“We are here to reaffirm bilateral relations and explore new paths of cooperation in services, energy, and education,” Márquez said.
“We will work together for social development, social justice, peace, and security for our peoples.”
Tuggar underscored the historical ties linking both nations, dating back to the transatlantic slave trade, and said the MoU represents an opportunity to build on shared history. He identified agriculture, hydrocarbons, and pharmaceuticals as key areas for growth.
Colombia’s Deputy Minister Jassir added that strengthening ties with Nigeria, as Africa’s largest economy, is central to Bogotá’s strategy to diversify partnerships beyond the Global North.
Also speaking, Nigeria Investment Promotion Commission’s Deputy Director, Emmanuel Longza, outlined Nigeria’s investment opportunities, including 34 million hectares of arable land, vast mineral deposits, and a booming technology and creative sector.
On her part, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said Nigeria under President Bola Tinubu had undertaken bold reforms, removing fuel subsidies, unifying exchange rates, and tightening fiscal policies, to restore macroeconomic stability.
She added that Nigeria has become the continent’s fintech powerhouse and co-champion of digital trade under the African Continental Free Trade Area (AfCFTA).