Nigeria and Austria have committed to strengthening their bilateral economic relations, this is following high-level meetings between a delegation led by Minister of Budget and Economic Planning, Senator Abubakar Bagudu, and senior Austrian government officials.
“With President Bola Tinubu’s bold reforms opening up the Nigerian economy for foreign and domestic investments, we are committed to long-term, strategic partnerships that create jobs, generate income, and promote prosperity,” Bagudu told Austria’s Vice Minister of Finance, Mag. Andreas Reichhardt, during one of the meetings in Vienna, Austria.
The delegation engaged with senior Austrian officials, including the Federal Minister for Agriculture, Forestry, Regions and Water Management of the Republic of Austria, Mag. Norbert Totschnig; the State Secretary for the Federal Ministry of Economy, Energy and Tourism, Ms Elisabeth Zehetner; and the Federal Minister for Innovation, Mobility and Infrastructure, Mr Peter Hanke.
Others were the Director-General of the International Centre for Migration Policy Development, Dr Michael Spindelegger, who was formerly Minister for Foreign Affairs and Finance as well as Vice-Chancellor, and the CEO of the Vienna Stock Exchange, Mr Christoph Boschan.
The engagements with Austrian officials and business leaders in Vienna, as stated by the ministry’s Director of Information and Public Relations, Mrs Julie Okogie-Jacobs, on Wednesday, centred on establishing new partnerships in capital market development, investment, innovation and mobility, migration governance, agriculture and water management, and economic reform support.
She stated that some Austrian companies delivered presentations, proposing a technology transfer and local manufacturing partnership that would enable Nigeria to produce water filtration materials domestically, as well as expand the textile industry value chain to create skilled jobs, and improve water and food security through local capacity-building and training.
Along with signing a Memorandum of Understanding (MoU) that will act as a strategic framework for their cooperation in Agriculture, Water Management, Rural Development, and Climate Resilience, the statement said both sides also agreed to accelerate negotiations on another MoU to strengthen their bilateral economic relations and formalise cooperation in trade, investment, energy, and tourism.
The memorandum on Agriculture, signed on Friday by Bagudu and Austria’s Federal Minister for Agriculture, Forestry, Regions and Water Management, Mag. Norbert Totschnig, is anticipated to support Nigeria’s efforts in enhancing food security, promoting climate-smart agriculture, and strengthening rural livelihoods.
“This MoU is a significant milestone in Nigeria’s partnership with Austria that will promote sustainable agriculture, improve food security, and strengthen rural resilience against climate change,” Bagudu said during the signing ceremony, which was attended by former Vice-Chancellor and Minister of Finance, and former Vice-President of EIB Mr. Wilhelm Molterer, who reaffirmed Austria’s commitment to supporting sustainable agricultural development in Nigeria.
Totschnig described the MoU as “a promising start to a long-term collaboration that can serve as a model for Africa–Europe agricultural partnerships.”
The MoU aims to enhance bilateral cooperation, promote sustainable food systems, improve water resource management, and increase resilience to climate change effects, in accordance with Nigeria’s National Development Plan (2021–2025) and the Renewed Hope Agenda.
It also aims to utilise Austrian expertise, technologies, and private capital to support Nigeria’s priorities in sustainable agriculture, irrigation, environmental protection, and rural infrastructure.
Areas of cooperation include promoting agro-processing and value chain development, supporting soil and watershed management, developing efficient irrigation systems, enhancing rural economies, and expanding forestry and afforestation initiatives.
It also facilitates capacity building, research collaboration, and technical knowledge transfer between both parties to strengthen institutional and human resource capabilities.
The implementation of the MoU will build on existing Austria-supported initiatives in Nigeria, such as the European Business Park (EBP) and the Centre of Practical Skills (COPS) in Enugu, which provide platforms for rural innovation and skills development.
To ensure transparency and effective management of investment projects, a Special Purpose Vehicle (SPV) — ESME Nigeria Limited, under MOFI, will coordinate and safeguard investments arising from this partnership.
During a meeting with the State Secretary of the Federal Ministry for Economy, Energy and Tourism, Ms. Elisabeth Zehetner, both countries also agreed to expedite another MoU to strengthen existing economic cooperation and explore new areas of partnership.
Zehetner stated, “Nigeria remains one of our most important trading partners in Sub-Saharan Africa, and we are keen to explore new dimensions of cooperation — especially in green technology, renewable energy, circular economy, and vocational training.”
Bagudu highlighted that Nigeria’s reform agenda is opening up new opportunities in infrastructure, renewable energy, manufacturing, and tourism, and that Austria’s strong interest in collaborating with Nigeria through technology transfer, skills development, and sustainable investment is welcomed.
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