The Minister of Foreign Minister, Yusuf Tuggar has called for deeper economic cooperation between the Nordic region and Africa, citing enormous opportunities for growth on the continent despite current global challenges.
Tuggar spoke at the Nordic-African Business Summit in Oslo, Norway where the Norwegian Minister of International Development, Anna Beatha Twinn-Reim, Cote d’Ivoire’s Minister of Mines, Petroleum, and Energy, Mamadou Coulibaly, and Norwegian business leaders, were in attendance.
The minister stressed the critical need for stronger partnerships between the two regions.
Tuggar painted a picture of the global economic and geopolitical landscape, referencing rising inequality, the fallout of the Ukraine conflict, and tensions in the Sahel.
He highlighted the dangers of increased protectionism and a world moving away from globalisation, while also drawing attention to the devastating impacts of the weaponisation of migration and identity politics.
“We gather at a time of weakening global economic performance, even if the Inflation Reduction Act has had a salutary effect on the largest economy on the planet- the US.
“More unsettling is the state of geopolitical affairs, as we made the transition after the Cold War from a bipolar order to a unipolar moment and then a multipolar system.
“Protectionism and trade barriers have made a comeback in what we thought had become an interconnected, globalised world. Now whether or not this is a result of the transition to a less stable multipolar system should not detain us here,” the minister noted.
Despite these concerns, Tuggar pointed to Africa’s vast potential, underscoring the opportunity for Nordic countries to tap into the continent’s growing markets.
According to him, Africa’s share of global trade is minuscule, but the growth opportunities for those who hitch on early are enormous.
He highlighted the African Continental Free Trade Area as a game-changer that could unlock $50-70 billion in trade through the removal of tariffs.
He specifically urged Norwegian companies to consider expanding their investments in Africa, noting that while Norway’s trade with Africa is currently just $8.5bn this could be significantly increased.
“Africa’s share of global trade is minuscule, but the growth opportunities for those who hitch on early are enormous and the African Continental Free Trade Area is becoming a reality; presently, only 17 per cent of Africa’s exports remain on the continent, compared to 69 per cent for Europe and 59 per cent for Asia.
“The AFCFTA is going to change this with tariff removals that will unleash a value of $50-70bn. We want to see clean energy-run Norwegian vessels ferrying goods from Lekki deep-sea port in Lagos to Zanzibar.
“Norway’s trade with the whole of Africa currently stands at a paltry $8.5bn. It is not enough,” the minister said.
He pointed to Nigeria as a prime example of Africa’s growth potential, with a booming fintech sector, a push toward renewable energy, and a rapidly growing youth population.
“There will be 400 million of us by 2050,” he said, encouraging Norwegian businesses to explore Nigeria’s investor-friendly economic zones.
Tuggar also commended Norfund, Norway’s investment fund for developing countries, for its existing efforts in Africa, but called for more private sector involvement in driving Africa’s energy transition, particularly in renewable energy projects.
The minister emphasised that Africa was not seeking charity but true partnerships, concluding with a nod to Norwegian pop culture.
