Nigeria to work with Kazakhstan to strengthen investment deal

Nigeria and Kazakhstan have initiated discussions to deepen economic collaboration, focusing on trade, investment, and technological exchange.

The high-level business meeting, held in Abuja on Sunday, was facilitated by the Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, in partnership with the Nigeria-Kazakhstan Business Council.

Speaking at the event, the Ooni of Ife highlighted the significance of the partnership, attributing its success to the proactive leadership of President Bola Ahmed Tinubu. He emphasized the importance of economic diversification, noting that Kazakhstan’s direct engagement with Nigeria represents a major step toward fostering new trade alliances.

He stated that the collaboration would create employment opportunities for Nigerian youths, particularly in the technology sector. Kazakhstan is currently revising its visa policies to attract Nigerian talents in artificial intelligence, coding, and other tech fields. Additionally, he underscored the potential benefits for Nigeria’s agriculture sector, particularly in cocoa exports, as Kazakhstan seeks to source directly from Nigeria instead of through Europe.

Kazakhstan’s Deputy Minister of Foreign Affairs, Alibek Kuantyrov, described the meeting as historic, marking the country’s first official business delegation to Nigeria. He noted the economic similarities between the two nations and expressed Kazakhstan’s interest in Nigeria’s oil and gas, agriculture, fintech, and satellite technology sectors.

“We produce some of the world’s best grain and wheat and play a key role in food security in our region. We are eager to export to Nigeria while also sourcing Nigerian agricultural products directly,” Kuantyrov stated.

He further revealed that Kazakhstan is considering opening an embassy in Nigeria, recognizing the country’s economic significance in Africa.

Nigeria’s Minister of Agriculture and Food Security, Abubakar Kyari, welcomed the partnership, highlighting Nigeria’s need for foreign investments in agriculture and Kazakhstan’s expertise in the sector. He announced that follow-up meetings would be held to finalize trade agreements.

Addressing food inflation, Kyari stated that ongoing agricultural reforms have led to a 40% reduction in staple food prices.

“The President is committed to stabilizing food prices, and in the coming weeks, more price control measures will be introduced,” he added.

Holdings, Dr. Daere Akobo, emphasized the role of the private sector in maximizing economic opportunities. He pointed out Kazakhstan’s tax incentives and free trade zones as key advantages for potential investors.