Yusuf Tuggar Urges Stronger Nordic-African Cooperation at Oslo Summit
By Caroline Ameh
Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has called for strengthened economic collaboration between Nordic and African countries, emphasizing the potential for transformative partnerships amidst global challenges. Speaking at the Nordic-African Business Summit in Oslo, Tuggar highlighted Africa’s vast growth opportunities, particularly in Nigeria, despite global economic downturns and rising geopolitical tensions.
In his keynote address, Tuggar acknowledged the uncertainty caused by the global economic slowdown, rising inequality, and political instability. Yet, he argued these challenges provide a window for strategic cooperation. He urged the business community to harness opportunities on the African continent.
“The entrepreneurs here have a unique opportunity to use their individual agency to take advantage of the enormous opportunities that exist on the African continent,” Tuggar said.
Tuggar cited the African Continental Free Trade Area (AFCFTA) as a pivotal development, with the removal of tariffs expected to unlock a value of $50-70 billion across the continent. He urged Norwegian businesses to tap into the growing market, especially in Nigeria, which is projected to reach a population of 400 million by 2050.
Key Areas for Collaboration
Tuggar identified several key sectors ripe for Nordic-African collaboration:
Renewable Energy: Africa has the potential to produce 10% of the world’s renewable energy by 2040, presenting significant opportunities in solar, wind, and hydro energy. This aligns with global sustainability efforts, offering a chance for Nordic companies to lead.
Fintech: With Nigeria emerging as a leader in fintech innovation, the sector is projected to grow by 12% annually until 2027. Tuggar emphasized the investment potential in Nigeria’s vibrant fintech ecosystem.
Manufacturing: Norwegian companies were encouraged to explore Nigeria’s investor-friendly Special Economic Zones, which offer favorable conditions for manufacturing and industrial partnerships.
Tuggar emphasized that these collaborations should be driven by partnership rather than charity. He praised the work of Norfund, the Norwegian investment fund, for supporting projects in Africa and urged more Norwegian businesses to follow suit.
He concluded his address by encouraging the audience to connect with successful Nigerian entrepreneurs, commending their resilience and problem-solving skills.
“In the famous words of A-ha, ‘Take on Me, Take on Nigeria, Take on Africa,’” Tuggar said, leaving the audience with a call for optimism and action.
The Nordic-African Business Summit, an annual gathering of business and government leaders, is aimed at exploring trade and investment opportunities between the two regions. This year’s event focused on fostering innovation and sustainable growth.
