Nigeria’s Foreign Minister, Yusuf Tuggar, has urged deeper economic cooperation between Africa and the Nordic region, highlighting the vast potential for growth despite global economic challenges. Tuggar made the call during his address at the Nordic-African Business Summit in Oslo, Norway, attended by key figures, including Norwegian Minister of International Development, Anna Beatha Twinn-Reim, and Cote d’Ivoire’s Minister of Mines, Petroleum, and Energy, Mamadou Coulibaly.
Tuggar painted a picture of a global landscape marked by rising inequality, geopolitical tensions, and protectionist policies. He referenced the fallout from the Ukraine conflict and the Sahel’s instability, urging countries to look beyond these challenges and focus on opportunities in Africa. “Africa’s share of global trade is minuscule, but the growth opportunities for those who hitch on early are enormous,” he stated.
The minister specifically emphasized the African Continental Free Trade Area (AfCFTA) as a transformative force, predicting that tariff removals could unlock up to $70 billion in trade. He called on Norwegian businesses to seize this opportunity, noting that Norway’s trade with Africa currently stands at a modest $8.5 billion, far below potential.
Tuggar also spotlighted Nigeria as a key example of Africa’s untapped potential, particularly in sectors like fintech, renewable energy, and the country’s rapidly expanding youth population. He urged Norwegian businesses to explore Nigeria’s investor-friendly economic zones.
With the African continent poised for significant economic growth, Tuggar stressed that Africa seeks genuine partnerships—not charity—and reiterated the importance of private sector involvement in driving Africa’s energy transition, particularly in renewable energy projects.
As the world faces increasing uncertainty, Tuggar’s call for stronger ties between the Nordic region and Africa aims to foster mutually beneficial partnerships that can accelerate Africa’s development and enhance global trade dynamics.