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AfCFTA Will Stimulate Egypt, Nigeria’s Economies –Ambassador

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  • AfCFTA Will Stimulate Egypt, Nigeria’s Economies –Ambassador

The Ambassador of the Arab Republic of Egypt to Nigeria, Amb. Assem Elseify, has commended President Muhammadu Buhari for signing the African Continental Free Trade Area Agreement, which he said would stimulate the economies of Egypt, Nigeria and other African countries.

He said, the development, had revived hopes for the African continent economic integration.

Speaking during the 67th anniversary of the July 1952 revolution in the Arab Republic of Egypt, in Abuja on Friday, Elseify noted that there was room for enhancing the economic ties to meet the sustainable development needs and aspirations of two of Africa’s biggest populations and promising markets.

He said, “There are several important Egyptian investments and partnerships, particularly the Arab Contractors Nigeria, Egypt Air which flies to three destinations in Nigeria, and the Mansour Group, which has a number of projects including Mantrac Group.

“We are still hopeful for the conclusion of the legal process towards the unavoidable establishment soon of the Nigerian-Egyptian Business Council to help in expanding the promising trade and investment ties between both countries.”

The envoy noted the excellent relations between his country and Nigeria in education, health and other programmes by the Egyptian Agency for Partnership.

Elseify stated, “In the capacity of Egypt’s current chairmanship of the African Union, we would like to commend PMB for signing the African Continental Free Trade Area Agreement which, with the agreement coming into implementation, revives hopes towards the African continent economic integration.

“I believe that there is and has always been excellent relations between Egypt and Nigeria, covering important fields like education, medical care, programmes by the Egyptian Agency for Partnership and an ever-expanding military and security cooperation to address the dire challenges of terrorism, organized crime and spillovers from regional conflicts.”

“This Egyptian-Nigerian cooperation presents a commendable model for

African and South-South cooperation. There is room for enhancing the economic ties to meet the sustainable development needs and aspirations of two of Africa’s biggest populations and promising markets,” the ambassador added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.