Singapore set to strengthen bilateral trade ties with Nigeria

The Government of Singapore has expressed its willingness to strengthen bilateral trade ties with Nigeria.

Dr Maliki Osman, Minister in the Prime Minister’s Office of Singapore, who led delegation from the country, disclosed this during visit to the Ministry of Foreign Affairs on Thursday in Abuja.

Osman, who is also the Second Minister of Education and Foreign Affairs of Singapore, said the two countries would commemorate their 55th anniversary of diplomatic relations in 2025.

BRANDECONOMY reports that Nigeria had as of Aug. 2, 2017 signed an agreement with Singapore for the avoidance of double-taxation on income and capital gains tax between the two countries (DTT).

The signing took place in Nigeria between Singapore’s Senior Minister of State for Trade and Industry, Dr Koh Koon and Nigeria’s Minister of Finance, Mrs Kemi Adeosun, while Nigeria’s Federal Executive Council on Nov. 16, 2016 approved the DTT.

Both countries have been strengthening economic relations through various agreements, including Nigeria-Singapore Bilateral Investment Treaty and Singapore-Nigeria Air Services Agreement, to promote investment and facilitate trade between them.

Osman said, “Nigeria is Singapore’s fourth largest trading partner in Sub-Saharan Africa and our trade in goods has amounted to about over 500 million Singapore Dollars in goods.

“Our bilateral trade in services was worth about 1.3 billion Singapore Dollars in 2022 and Nigeria continues to be attractive destination for Singapore companies.

“As at 2022, Singapore companies invested over 4.5 billion U.S. dollars into Nigeria and these companies have strong interest in Nigeria’s agribusiness, oil and gas, transport and logistics, and infrastructure sectors.

 

“We are happy to see interest from Singapore companies. We are in Lagos Free Zone, the first private-owned free zone in Nigeria with deep-seaport operated by Tolaram Venture, a Singapore Company.”

 

He reiterated the country’s interest on new areas of growth, as Nigeria also looks at renewable energy as new sector, while promising that Singapore companies would continue to connect with Nigerian counterparts.

 

He, thereby, invited Amb. Yusuf Tuggar, Minister of Foreign Affairs, to Singapore to participate in the 2025 High Level Ministerial visit often organised every two years for friends from Africa to see Singapore.

 

“This is to learn more about Singapore, bring business delegation to Singapore, participate in the Singapore Africa Business Forum, which takes place every two years.

 

“It is a forum where we connect the business communities from the African continent with Singapore and those who are doing business in Southeast Asian region.

 

“We welcome stronger bilateral and political consultations between Singapore and the Ministry of Foreign Affairs in Nigeria, and support developmental pathways of Nigeria through Singapore cooperation programme, technical capacity development,” he added.

Amb. Dunoma Ahmed, Permanent-Secretary, Ministry of Foreign Affairs, who received the delegation said both countries sought to explore new areas of collaboration through trade.

According to him, government will create enabling environment for businesses to thrive, while urging the delegation to work closely with it to strengthen trade cooperation between the two countries.

 

Ahmed said, “We looked at technical assistance by Singapore to Nigerians, in terms of capacity building; also existing trade relations and the need to strengthen the relationship between the two countries.

 

“We commended contributions by Singapore in the economic sphere in Nigeria, particularly contribution to our GDP and job creation, as President Bola Tinubu’s administration is diversifying the economy into non-oil areas.

 

“These include mining, agriculture, renewable energy and tourism; we invite Singaporean companies interested in such areas to come and invest, as Nigeria is now one of the most attractive investment destinations globally.”