FG assures Singapore delegation of enabling environment for business
…As Singapore seeks stronger trade ties with Nigeria
By Raphael Ekpang
Abuja (Core Reporters) The Federal Government of Nigeria on Thursday assured the government of Singapore of an enabling environment for business to thrive in the country even as the Singapore government seek stronger trade tie with Nigeria.
Speaking on behalf of the government of Nigeria, the Permanent-Secretary, Ministry of Foreign Affairs, Amb. Dunoma Ahmed, who received the delegation in his office on Thursday morning, said both countries sought to explore new areas of collaboration through trade.
He urged the delegation to work closely with the ministry to strengthen trade cooperation between the two countries, adding that the, government will create enabling environment for businesses to thrive in the country.
When asked of the interest of Nigeria in this collaboration Amb. Ahmed said, “We looked forward to technical assistance by Singapore to Nigerians, in terms of capacity building; also existing trade relations and the need to strengthen the relationship between the two countries.
“We commended contributions by Singapore in the economic sphere in Nigeria, particularly contribution to our GDP and job creation, as President Bola Tinubu’s administration is diversifying the economy into non-oil areas.
“These include mining, agriculture, renewable energy and tourism; we invite Singaporean companies interested in such areas to come and invest, as Nigeria is now one of the most attractive investment destinations globally.”
However the leader of the delegation Dr Maliki Osman, Minister in the Prime Minister’s Office of Singapore Government of Singapore expressed the willingness of the Singapore ‘s government to strengthen bilateral trade ties with the most populous black nation in the world.
Osman hinted that the two countries would commemorate their 55th anniversary of diplomatic relations next year.
Recall that Nigeria had in, 2017 signed an agreement with Singapore for the avoidance of double-taxation on income and capital gains tax between the two countries (DTT).
Consequently both countries have been strengthening economic relations through various agreements, including Nigeria-Singapore Bilateral Investment Treaty and Singapore-Nigeria Air Services Agreement, to promote investment and facilitate trade between them.
Osman revealed that “Nigeria is Singapore’s fourth largest trading partner in Sub-Saharan Africa and our trade in goods has amounted to about over 500 million Singapore Dollars in goods.
“Our bilateral trade in services was worth about 1.3 billion Singapore Dollars in 2022 and Nigeria continues to be attractive destination for Singapore companies.
“As at 2022, Singapore companies invested over 4.5 billion U.S. dollars into Nigeria and these companies have strong interest in Nigeria’s agribusiness, oil and gas, transport and logistics, and infrastructure sectors.
“We are happy to see interest from Singapore companies. We are in Lagos Free Zone, the first private-owned free zone in Nigeria with deep-seaport operated by Tolaram Venture, a Singapore Company.”
While Singapore is showing interest on new areas of growth, Nigeria also looks at renewable energy as new sector, while promising that Singapore companies would continue to connect with Nigerian counterparts
Osman who also double as the Singaporet Second Minister of Education and Foreign Affairs, used the occasion of the visit to invite Amb. Yusuf Tuggar, Minister of Foreign Affairs, to Singapore to participate in the 2025 High Level Ministerial visit often organised every two years for friends from Africa to see Singapore.
The 2025 High Level Ministerial visit will offer the Minister the opportunity to learn more about Singapore, bring business delegation to Singapore, participate in the Singapore Africa Business Forum, which takes place every two years.
Core Reporters understand that the forum is where Singaporeans connect the business communities from the African continent with their country and those who are doing business in Southeast Asian region.
