Nigeria is ready to collaborate with Switzerland to drive innovation – Senate President, Akpabio

The President of the Senate, Senator Godswill Akpabio, has reaffirmed Nigeria’s readiness to collaborate with Switzerland to drive innovation, diversify the economy, and create lasting opportunities for future generations.

Akpabio highlighted Nigeria’s position as Africa’s largest economy and a member of the African Continental Free Trade Area (AfCFTA), emphasizing the country’s willingness to engage with the European Free Trade Association (EFTA) beyond traditional trade partnerships.

Speaking in Abuja during a courtesy visit by the Chairman and members of the Swiss EFTA delegation to the National Assembly, Akpabio said, “We envision partnerships that will ignite innovation, diversify our economy, and create opportunities for generations to come. Switzerland and EFTA have long exemplified ingenuity and economic cooperation, setting a benchmark for unity and shared progress.”

He recalled the 2017 agreement in which Switzerland returned $321 million in recovered funds to Nigeria, describing it as a historic act that strengthened trust and set a global standard for accountability and justice.

Akpabio also highlighted Nigeria’s ongoing economic reforms under President Bola Tinubu, including the removal of fuel subsidies and the unification of the naira exchange rate. He noted that these reforms are paving the way for sustainable growth, with projections suggesting a GDP growth rate of 4.17% by 2025.

“Our challenges can be overcome—not by one nation alone, but through the unity of many,” Akpabio said, expressing optimism about future collaborations.

On behalf of the Nigerian Senate, he thanked the delegation, saying, “May our deliberations be fruitful, our resolve unshakable, and our partnership enduring.”

Thomas Aeschi, leader of the delegation and a member of Switzerland’s House of Representatives, expressed optimism about strengthening economic ties with Nigeria. He noted that while EFTA has yet to formalize trade negotiations with Nigeria, the visit aimed to lay the groundwork for future collaboration.

“EFTA, comprising Switzerland, Iceland, Norway, and Liechtenstein, is dedicated to fostering free trade and economic cooperation with countries outside the European Union. Nigeria, as a country of immense potential, is an indispensable partner for Switzerland in Western Africa,” Aeschi said.

He underscored Nigeria’s significant potential, driven by its large population, and expressed confidence in parliamentary diplomacy as a tool to enhance bilateral ties and initiate new processes for collaboration.

“While we do not yet have a formal trade negotiation framework with Nigeria, we are here to explore possibilities and set the stage for future engagements,” Aeschi concluded.