The Federal government of Nigerian and the Kingdom of Netherlands have agreed to modernise existing bilateral investment treaties to further deepen bilateral relations the two countries.
Tops on the agenda of the Nigeria-Netherlands Economic Consultation are Trade, Investment and Development, Agriculture, Economy and Renewable Energy among other areas like Oil and Gas, Special Economic Zones, African Continental Free Trade Area (AfCFTA), Economic Community of West African States (ECOWAS) and Trade facilitation in Western Africa, Science, Technology and Innovations (STI) Education and Health.
Speaking at the opening of the Economic Consultation in Abuja, the Permanent Secretary, Ministry of Foreign Affairs, Adamu Lamuwa, said discussions would also be opened for the establishment of a joint Bi-national Commission that would further consolidate and boost relations between the two countries.
Mr Lamuwa, who was represented by the Director, Trade and Economic Relations in the ministry, Bolaji Yusuf, described the economic consultation as timely saying rebuilding the nation’s economy is the focus of the present administration especially as Nigeria-Netherlands economies are strongly connected through a multitude of trade and investment relations.
The Vice-minister for Foreign Trade of the Kingdom of the Netherlands, Hanneke Schuiling, said, strengthening the bilateral economic relationship with Nigeria, as its fifth trading partner in Africa is of great importance to the Dutch government.
According to Ms. Schuiling, updating and modernizing the investment agreement between both countries will create a more stable and predictable investment environment.
The Nigeria Ambassador to the Netherlands, Dr. Eniola Ayayi, Heads of Agencies and parastatals, present at the meeting including the Director General of Nigeria Maritime and Safety Agency (NIMASA), Bashir Jamoh, spoke on how their agency can partner with the Dutch Kingdom to foster the much needed growth and development of both countries.
They harped on the need to review the current treaty which was signed in 1992 to reflect the significant changes in approach to international investments as the Dutch government has so far, invested 100 million Euros in Nigerian, while its private sector has invested over 9 billion Euros.