In recent times, the camaraderie between Nigeria and Angola has taken a notable stride towards fostering bilateral trade and economic development. This collaboration isn’t just a passage to enhance trade volumes but a gateway for Nigeria to glean insights from Angola’s diversified economy. Unlike Nigeria’s heavy reliance on oil, Angola has made commendable advances in embracing renewable energy and diversifying its economy.
The interactive Angola-Nigeria business forum was not just a rendezvous for trade talks but a confluence of ideas, shedding light on the untapped potential within and beyond the oil sector. As Nigeria’s exports to Angola soared to $16.8 million between 2020 and 2022, it’s evident that the demand for Nigerian products is on an upward trajectory. However, a deeper dig reveals an opportunity for Nigeria to broaden its economic horizon, learning from Angola’s strides in economic diversification.
Angola’s economic landscape is a testimony to the benefits of a diversified economy. The country has been manoeuvring through the economic currents with structural reforms aimed at transforming its macroeconomic situation. On the flip side, Nigeria’s economic backbone is still heavily oiled, with a pressing need to follow suit by delving into other sectors, notably renewables.
Source : BP