Nigeria, Rwanda Sign MOU to Strengthen Economic Partnership

By: Michael Mike

Rwanda and Nigeria have strengthened their economic partnership with the signing of a Memorandum of Understanding (MoU) at the Lagos International Trade Fair between the Lagos Chamber of Commerce and Industry (LCCI) and the Private Sector Federation (PSF) Rwanda.

The signing ceremony took place on the sidelines of the 2024 Lagos International Trade Fair, further underscoring the commitment to enhancing trade and investment ties between the two nations.

The MoU was signed between the LCCI and the PSF, represented by their respective leaders: Mr. Gabriel Idahosa, President of the LCCI, and Mr. Kanamugire Callixte, Deputy CEO of the PSF Rwanda.

This strategic partnership between the LCCI and PSF Rwanda, according to a statement by the Hugh Commission of Rwanda on Thursday, aims to foster collaboration and create new avenues for businesses in both countries. 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.

High Commissioner of Rwanda to Nigeria, Ambassador Christophe Bazivamo, said:
“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”. “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.”

The LCCI representative outlined the objectives of the partnership, including enhancing business relationships, exploring investment opportunities, and sharing best practices between Nigerian and Rwandan businesses. Specific sectors identified for collaboration include agriculture (with a particular interest in Rwandan coffee and tea production), energy, manufacturing, technology, and creative industries.

Both parties discussed future plans, including organising trade missions, business-to-business meetings, and participating in each other’s international trade fairs. They agreed to start activities as soon as possible, with plans for virtual meetings and potential visits in the first half of the following year.

Under this MoU, the LCCI and PSF Rwanda will work together to: Facilitate Trade by streamlining trade procedures, reduce barriers, and promote the exchange of goods and services between Nigeria and Rwanda; Promote Investment by identifying and promoting investment opportunities in both countries, organize trade missions, and facilitate business partnerships; Share Information by exchanging information on market trends, trade regulations, and investment incentives to support business decision-making; Build Capacity by organising joint workshops, training programmes, and knowledge-sharing initiatives to enhance the competitiveness of businesses in both countries; and Host Events by collaborating on organising trade fairs, exhibitions, and business forums to foster networking and facilitate partnerships.
 
According to the statement: This partnership is expected to generate significant benefits for businesses in Rwanda and Nigeria, including: Increased Trade as the MoU will facilitate greater trade flows between the two countries, opening up new markets and expanding business opportunities; Investment Growth as the collaboration will attract investment in key sectors, contributing to economic growth and job creation; Enhanced Competitiveness as businesses will benefit from knowledge sharing and capacity building initiatives, improving their competitiveness in regional and global markets; Stronger Networks as the MoU will foster stronger business networks and partnerships, facilitating collaboration and innovation.

The Rwanda High Commission said it encourages businesses in both countries to explore the opportunities created by this partnership.

Nigeria, Rwanda Sign MOU to Strengthen Economic Partnership