“ Do business with Nigeria » is the title of the first opening webinar of the « RoadShow Export Webinar: Doing Business 2023 organized this week by the Moroccan Association of Exporters (ASMEX).
This virtual meeting follows the development of trade and bilateral relations between the two countries, ASMEX said in a statement, noting that the conference was chaired by Saloua Karkri, chairman of the African Commission for
ASMEX and led by Brahim Allali, an expert in corporate internalization strategies.
” Nigeria is one of the largest economic markets in Africa, with which Morocco is involved in several large projects, most notably the large GAZODUC project. The primary objective is to seize existing investment opportunities and make the most of them, in particular through the African Free Trade Area (ZLECAF) which aims to strengthen trade between the countries of the continent in general, and trade between Morocco and Nigeria in particular “revealed Saloua Karkri, quoted in the press release, in her keynote address to the more than 135 companies attending this meeting.
Virtual.
Thus, ASMEX specifies that of the 3 billion dollars raised for African startups, the largest share goes to Nigerian startups, hence the interest in relaunching exchanges between Rabat and Abuja.
In this sense, Brahim Allali reported on the major joint projects between the two countries indicates the same source, in particular the visit of King Mohammed VI to Nigeria in 2016 and the visit of His Excellency Muhammadu Buhari to Morocco in 2018. Visits that marked a historic moment in the history of relations between the two countries, said Allali.
Among the major projects connecting the two nations, ASMEX cites the gas pipeline mega-project (5600km), approved seven years earlier during the royal visit, and which will also have a major impact on bilateral relations between the two countries, thanks to the free trade area ( Zlecaf) which will facilitate the free movement of goods and services and strengthen the exchange of skills.
Brahim Allali thus underlined how the Nigerian market is rich in important sectors with high export potential, which have not been exploited, such as the mechanical and metallurgical industry (IMM), Electronics/Electrical, Chemical-Parachemical as well as the agri-food market and of fishing which presents countless opportunities for Moroccan investors and exporters.
He then noted that the main trading partners of Nigeria during the year 2022 are the European Union, India, Canada, the United States and Indonesia with trade mainly focused on export and composed of 89% from mineral fuels, 3% from seafarers or river navigation, 2% fertiliser, 1.30% cocoa and its preparations, 4% other products.
However, trade between Morocco and Nigeria remains insufficient and does not reflect the impact of the two countries on the continent at all, but the development potential is considerable and the two parties are determined to develop it in the years to come, relaunches Asmex.
The Association thus returns to imports and exports between the two countries which recorded an increase in the period 2019-2022. Morocco moved from the 38th supplier to Nigeria in 2022 against a position of 43rd in 2019, while Nigeria moved from the 65th to the 56th supplier of Morocco.
Nigeria’s assets as an investment land start with its strong growth
population estimated at over 225 million inhabitants in 2022 with a growing rate
demographic which amounts to 2.53% (the most populous country in Africa), underlines the same source.
But this country is also the 1st African power by GDP (440.8 billion dollars in 2021), an important hydrocarbon resource, 1st African producer and 5th world oil producer, 11th certified world oil reserve, 9th reserve
The country, ASMEX continues, also has great mineral potential (reserves of gold, barite, tin, zinc, iron ore, coal, limestone, niobium, lead and others, thus revealing a rapid development of financial technology and film industry
(Nollywood), with high growth potential.
Furthermore, for the most promising sectors, Brahim Allali mentioned in particular agriculture and agri-food with the production of mechanized crops such as rice, corn, sugar cane…
You also mentioned petroleum (production but above all refining and derivatives), construction, civil engineering, construction, carpentry, interior decoration and maintenance, communication and e-commerce (mobile telephony, IT products and equipment, electronic distribution…) and finally energy through the production and distribution of electricity.