The Nigerian government and the Kingdom of Netherlands have embarked on an Economic Consultation aimed at modernizing the existing bilateral investment treaty between the two countries. This move is expected to bolster economic interests and create new opportunities for both nations. The first round-table negotiation on the investment promotion and protection agreement was held in Abuja, with the participation of key stakeholders from various departments, agencies, and the private sector.
Enhancing Economic Cooperation
The Nigeria-Kingdom of Netherlands economic consultation meeting brought together 35 heads of departments, agencies, and representatives from the private sector. Over the course of two days, the participants discussed areas of economic cooperation, including the investment promotion and protection agreement, avoidance of double taxation agreement, and other legal frameworks that can foster sustainable economic growth.
Long-standing Partnership
The Kingdom of Netherlands has been one of Nigeria’s top five trading partners for many years, with a relationship that predates Nigeria’s independence. Recognizing the significance of this partnership, both governments have initiated the renegotiation of the bilateral investment treaty to further strengthen mutual economic interests and explore new opportunities.
Promising Trade and Investment Figures
The current volume of exports between Nigeria and the Netherlands stands at approximately $2.84 billion, according to the UN database for international trade. The Netherlands has made substantial investments in Nigeria’s private sector, totaling around £9 billion, with an additional £100 million directed towards government projects. Representatives from various sectors emphasized the importance of attracting investments in their respective industries, highlighting the potential of the maritime sector to generate significant revenue for Nigeria.
Diversifying Investments
The Kingdom of Netherlands has outlined its intention to invest in key sectors such as agriculture, information technology, healthcare, renewable energy, and other areas that will bring value to the mutual interests of both countries. By diversifying investments, Nigeria aims to expand its economic base and create a conducive environment for foreign investors.
Bottom Line
The ongoing Economic Consultation between the Nigerian government and the Kingdom of Netherlands marks a significant step toward strengthening bilateral ties and promoting economic growth. The modernization of the bilateral investment treaty and the exploration of new investment opportunities demonstrate the commitment of both nations to enhance their economic cooperation. With the potential for increased trade volumes and targeted investments in various sectors, this partnership is poised to bring mutual benefits and contribute to the sustainable development of both countries.
