Nigeria, Thailand Move to Deepen Economic Ties, Expand Trade

By Sabiu Abdullahi

Nigeria and Thailand have agreed to strengthen economic relations and expand bilateral trade and investment as both countries seek greater opportunities for mutual development.

The commitment was made in Abuja on Tuesday when Nigeria and Thailand signed a Memorandum of Understanding (MoU) on Technical Cooperation at the Ministry of Foreign Affairs.

Nigeria’s Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, signed the agreement on behalf of Nigeria, while Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, Sihasak Phuangketkeow, signed for his country.

According to a statement by Dr Magnus Eze, the minister’s media aide, Odumegwu-Ojukwu welcomed Thailand’s Thailand-Africa Initiative and called for closer cooperation between the Nigerian Technical Aid Corps (NTAC) and the Thailand International Cooperation Agency (TICA).

She said stronger collaboration between the two agencies would support skills development, technology transfer and sustainable development.

The minister also commended the ongoing Thailand-Nigeria Sustainable Agricultural Technology Development Project. She called for its expansion to more parts of Nigeria, as well as increased cooperation in agricultural research, technology and innovation.

Odumegwu-Ojukwu reaffirmed Nigeria’s intention to elevate its relationship with Thailand to a strategic partnership, with economic cooperation as one of its major pillars.

She urged both countries to broaden bilateral trade beyond crude oil, rice and agricultural machinery. She also called for greater Thai investment and joint ventures in agro-processing, manufacturing, energy, information and communications technology, mining, renewable energy and other value-added sectors.

The minister pointed to Nigeria’s large consumer market and investment opportunities, urging Thai companies to utilise the incentives available to investors and take advantage of the country’s expanding economic potential.

She also proposed the establishment of a Joint or Bi-National Commission to provide a formal structure for bilateral economic discussions, track the implementation of agreements and speed up the conclusion of pending agreements.

Among the instruments awaiting conclusion are the Investment Promotion and Protection Agreement, Trade Agreement, and Agreement on Economic, Scientific, Technical and Cultural Cooperation.

Nigeria also advocated closer relations between the Association of Southeast Asian Nations (ASEAN) and the Economic Community of West African States (ECOWAS).

The country said stronger cooperation between the two regional blocs could create additional opportunities for trade, investment and development.

For his part, Thailand’s Deputy Prime Minister and Foreign Minister, Sihasak Phuangketkeow, said a strategic economic partnership between Nigeria and Thailand would strengthen investment and trade while producing positive benefits for citizens of both countries.

The latest agreement is expected to provide a framework for increased technical cooperation and further strengthen economic relations between Nigeria and Thailand.