Foreign Minister Yusuf Tugar said that despite current global challenges, the continent has great opportunities for growth, and called for deeper economic cooperation between the Nordic region and Africa.
Mr. Tugger spoke at the Nordic-Africa Business Summit in Oslo, Norway. The summit was attended by Anna Beatha Twin-Lyme, Norway’s Minister of International Development, Mamadou Coulibaly, Minister of Mines, Petroleum and Energy of Ivory Coast, and Norwegian business leaders. Attendance.
The Minister emphasized the important need to strengthen cooperation between the two regions.
Mr. Tugar painted a picture of the world’s economic and geopolitical situation, citing rising inequality, the aftermath of the conflict in Ukraine, and tensions in the Sahel region.
He highlighted the dangers of rising protectionism and the world moving away from globalization, while also calling attention to the devastating effects of the weaponization of migration and identity politics.
“We are coming together at a time of weak global economic performance, even if the Inflation Control Act has had a positive effect on the United States, the largest economy on earth.
“Even more disturbing is the geopolitical situation, as we have moved from a bipolar system to a unipolar system to a multipolar system after the Cold War.
“Protectionism and trade barriers have returned to what we thought was an interconnected and globalized world. Whether this is a result of the transition to an unstable multipolar system, we should not be held back here,” the minister said.
Despite these concerns, Tugger pointed to Africa’s vast potential and emphasized that there are opportunities for Nordic countries to tap into the continent’s growing markets.
He said Africa’s share of global trade is small, but there are big opportunities for growth for those who succeed early.
He highlighted the African Continental Free Trade Area as an innovation that will enable $50 billion to $70 billion of trade through the elimination of tariffs.
He particularly urged Norwegian companies to consider expanding their investments in Africa, noting that trade between Norway and Africa is currently only $8.5 billion, but could increase significantly.
“Although Africa’s share of world trade is small, the growth opportunities for early entrants are enormous and the African Continental Free Trade Area is becoming a reality. Only 17 percent remains on the continent, while 69 percent goes to Europe and 59 percent to Asia.
“AFCFTA is going to change this by eliminating tariffs and create value of between $50 billion and $70 billion. I am thinking of doing so.
“Norway’s trade with all of Africa is currently insignificant at $8.5 billion. It’s not enough,” the minister said.
He cited Nigeria as an example of Africa’s growth potential, with its rapidly growing fintech sector, renewable energy initiatives and rapidly growing youth population.
“By 2050, the population will be 400 million,” he said, encouraging Norwegian companies to explore Nigeria’s investor-friendly economy.
Mr Tuger also praised the existing work of Norfand, Norway’s investment fund for developing countries, in Africa, but called for greater involvement of the private sector in promoting Africa’s energy transition, particularly renewable energy projects.
The minister emphasized that Africa is looking for true partnership, not charity, and concluded by paying tribute to Norwegian pop culture.
