Nigeria Strengthens Ties With Singapore to Boost Non-oil Revenue

Nigeria Strengthens Ties With Singapore to Boost Non-oil Revenue

JOEL OLADELE, Abuja 

The Federal Government of Nigeria is intensifying its collaboration with Singapore in an effort to enhance its non-oil revenue streams, as discussions unfolded during a recent meeting hosted by the Ministry of Foreign Affairs.

This partnership aims to support Nigeria’s economic growth and improve its Gross Domestic Product (GDP) through diversified avenues beyond oil.

Ambassador Dunoma Umar Ahmed, the Permanent Secretary of the Ministry of Foreign Affairs, made the announcement on Thursday while welcoming a delegation from Singapore.

 “The main focus of our meeting is to underscore the importance of the relationship that is between us. We are working towards elevating our relationship and enhancing existing collaboration and cooperation.”

National Periscope gathered that in the first half of 2024, Nigeria recorded $2.7 billion in non-oil exports, reflecting a commendable increase of 6.26 percent from $2.53 billion in the same period last year. 

As part of efforts to further boost the growth, Ahmed emphasized the Nigerian government’s commitment to creating an enabling environment for businesses to flourish.

“We  want to recognize and appreciate the presence and contribution of some Singaporean companies that are existing in Nigeria that are contributing to job creation and the GDP of the country. 

“We also want to request for more companies to invest in Nigeria because the government of President Bola Ahmed Tinubu is working on diversifying the economy, moving towards the non-oil sector, especially into mining, agriculture, renewable energy and the rest of them.

“I believe you have very competent companies that can take advantage of business opportunities that exist in the country. Nigeria is now a good business destination that will accommodate many Singaporean companies because we have the enabling environment.”

“We appreciate the capacity-building courses being offered by the Singaporean government,” he noted, adding that around 700 Nigerian officials have already benefited from this initiative. “We appeal for more robust engagements with our country.”

The Permanent Secretary also revealed that Nigeria has submitted a draft Memorandum of Understanding (MoU) on Technical Vocational Educational Training (TVET) to the Singaporean delegation. “We believe this will be mutually beneficial for both countries,” Ahmed stated.

In his remarks, Dr. Maliki Osman, a minister in the Prime Minister’s Office of Singapore and leader of the visiting delegation, noted the deepening of economic relations between the two nations. “As of 2022, Singaporean companies have invested over $4.5 billion into Nigeria. Our investments span across agribusiness, oil and gas, transport and logistics, and infrastructure sectors,” he stated.

Dr. Osman highlighted the existing agreements fostering trade and investment, including the Nigeria-Singapore Bilateral Investment Treaty and the Singapore-Nigeria Air Services Agreement. 

“We welcome stronger bilateral and political consultations, and we are here to support Nigeria’s developmental pathways,” he asserted.

The discussion also touched upon opportunities for youth development. “Nigeria, with its young population and a median age of 17 years, holds tremendous potential for manpower development,” Osman noted, recognizing Singapore’s transition from resource scarcity to a knowledge-driven economy. “We are eager to share our experiences in human capacity development with our Nigerian counterparts.”

Osman also spoke about the Singapore African Partnership initiative, which aims to customize training programs tailored to African nations’ needs.

“We are willing to prioritize capacity building for Nigerian officials,” he commented, adding that opportunities for post-graduate scholarships for senior officials in Singapore are also on the table.

As both nations look to the future, Dr. Osman emphasized the importance of collaboration in new sectors like ICT, AI, and renewable energy. 

“We want to create more economic engagements in these frontiers, working closely together despite the global economic challenges we face,” he concluded.