Belgium, Nigeria look to strengthen trade ties

Belgium and Nigeria have a long history of diplomatic relations dating back to 1960. The Belgian Ambassador to Nigeria, Stephane de Loecker, recently discussed the efforts to strengthen economic ties between the two countries in an interview with CNBC Africa. A key focus of the discussion was Belgium's Africa policy and its interest in Central and Western Africa, particularly Nigeria. Historically, Belgium's colonial presence in Africa has shaped its engagement with the continent, with a specific interest in Nigeria due to the country's status as the largest economy in Africa. Antwerp, Belgium's major port city, serves as a crucial entry point for Nigerian products into Europe, making Belgium one of Nigeria's major trading partners. Notably, Nigerian crude oil is exported to Antwerp for refining before being re-exported to other countries, showcasing the strong economic ties between the two nations. On the topic of recent trade missions, Ambassador de Loecker highlighted the presence of Belgian companies in Nigeria and their contributions to key projects such as dredging work and infrastructure development. While acknowledging the challenges of the Nigerian market, the Ambassador emphasized the opportunities for Belgian businesses, especially in sectors like finance and telecommunications. Looking ahead, Belgium is planning a significant trade mission to Nigeria in March 2018, with the participation of around 40 to 50 companies. The mission aims to explore diverse sectors beyond oil and leverage Nigeria's growing economy and market demand. With Nigeria's focus on economic diversification and anti-corruption measures, Belgium sees potential for its companies to thrive in the Nigerian market. The interview shed light on the strategic importance of Nigeria for Belgium and the mutual benefits that can arise from enhanced trade relations between the two nations.