Nigeria and Norway have finalised plans to boost their existing bilateral relations as they look to work together to improve trade and economic titres.
Minister of Foreign Affairs, Mr. Geoffrey Onyeama, made the announcement when he hosted Norwegian State Secretary for International Development Mr. Jens Frolich Holte and his team.
According to Onyeama, the strategies to bolster trade relations will help Nigeria tackle vital economic issues surrounding the West African country.
He mentioned the economic recession Nigeria has undergone – similitude to South Africa’s – and survival and is adamant strengthening cordial ties would better the economic progress of the country.
He added that Nigeria is keen to work with Norway to boost and improve trade volumes to reap mutual benefits in different sectors including fisheries.
Nigeria boasts of the largest population in Africa and the biggest market in West Africa. It also seeks to strengthen its relations with Russia to increase the inflow of foreign investments and increase business.
As an oil producing company, Nigeria has drawn the interests of many investors who seek to have a share of the oil industry.
The sector is a potential business investment with plenty of employment opportunities.
Norway is a crucial player in the energy sector in the European Union (EU), and Nigeria is looking to partner the country to manage its oil resources to reap maximum benefits as it seeks to diversify its economy.
President Muhammadu Buhari recognises the fact that operating a mono-economy is too dangerous and hence the need for diversification.
According to Secretary Holte, the energy sector is a priority area of investment and efforts for improvement are aligned.
“We look forward to key into areas within renewable energy; where there is big potential. Norway has the potential to invest in Nigeria. Norway has placed importance on industrialisation sector, Nigeria has priority and has also informed this first bilateral meeting in the ministry, “Holte noted.