…country accounted for 15% of Nigeria’s export in Q4 2023
President Bola Ahmed Tinubu has travelled to the Netherlands on a state visit, marking a pivotal moment in bilateral relations between Nigeria and that country.
Tinubu’s state visit follows an invitation from the Prime Minister Mark Rutte of The Netherland and is poised to foster crucial discussions and partnerships between Nigeria and The Netherlands.
The Netherlands is one of Nigeria’s strategic partners in terms of the sources of development finance funding, agriculture and exports. For instance, during the third quarter of 2023, Nigeria recorded N988.66 billion worth of exports to the Netherlands, representing 9.56 percent of the nation’s overall exports in that quarter.
As of the fourth quarter of 2023, Nigeria shipped N1.91 trillion worth of exports to the Netherlands, amounting to 15.05 percent of the country’s overall export value.
Pointing out the significance of President Tinubu’s engagements during his stay in the Netherlands, presidential spokesperson, Ajuri Ngelale, revealed that the agenda included high-level meetings with Dutch government officials, business leaders, and distinguished figures such as His Royal Majesty, King Willem-Alexander, and Queen Maxima of the Kingdom.
“President Tinubu’s visit aims to strengthen ties and explore opportunities in trade, investment, security cooperation, and cultural exchange,” Ngelale stated, pointing out the multifaceted nature of the discussions planned during the visit.
According to the presidential spokesman, the President is scheduled to participate in the Nigerian-Dutch Business and Investment Forum, a strategic platform bringing together leaders from both nations to discuss collaboration across various sectors, with a particular focus on agriculture, water management, and port operations in order to ensure sustainable development and economic growth.
In terms of development finance, The Netherlands’ development finance institution, FMO, has played crucial roles in providing the needed scarce capital to Nigerian businesses. In 2021, FMO provided Access Bank with $102.50 million to boost SME financing in the country.
Verod Capital Growth III, a Nigerian based fund providing growth capital to medium-sized businesses in Anglophone West Africa also received $15 million from FMO.
CardinalStone Capital Advisors Growth Fund (CCAGF) based in Nigeria received $10 million funding from the same institution.
Ecobank Transnational Incorporated (ETI) in 2017 received to the tune of $50 million funding from the Dutch institution.
The First City Monument Bank (FCMB) received $30 million facilities from FMO in 2023.
In addition to the above, the Netherlands is also one of the highest sources of capital importation into Nigeria in recent times.
According to the data provided by the National Bureau of Statistics (NBS), in 2021, the total capital imported into Nigeria from the Netherlands was $409.89 million. It was $171.27 million in 2022 and $149.93 million in 2023.
In the area of agriculture, Nigeria late 2023 solicited the assistance of the Netherlands towards assisting the country in addressing the crucial areas of the sector. The call was made by the Honourable Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu when he received the Chief Executive of SNV Netherlands Development Organisation, Simon O’Connell in his ministry late 2023.
Ngelale added that after President Tinubu’s meetings at the Netherlands, he will proceed to Riyadh, Saudi Arabia, for the World Economic Forum(WEF) meeting scheduled for April 28-29, 2024. WEF is a forum that presents an invaluable opportunity for global leaders to support one another on the issues of global collaboration, growth, and energy for development.
“President Tinubu’s diplomatic endeavours signify Nigeria’s dedication to international cooperation and strategic alliances, essential for achieving sustainable progress and prosperity,” Ngelale added.
