African Union (AU): seeks to align with Arab nations to prop-up trade investment
On this page are guidelines how African Union seeks to align with the Arab nations to prop-up trade investment into the pinnacle of height across African continent. The Chairperson of the African Union Commission, Mr. Moussa Faki, makes this appeal during the 33rd session of the Arab Summit in Bahrain, which ended on May 16, 2024.
African Union (AU): seeks to align with Arab nations to prop-up trade investment
In the summit, Stakeholdersfrom various Arabian countries, stated the importance of strengthening economic ties between Africa and the Arab world.
Moreover, Mr. Faki highlights the significant role that Arab countries can play in advancing the initiatives realizing the mutual priorities and ambitions of both regions.
Mr. Faki explains the historical context of the Africa-Arab partnership ratified in 1977 to serve as a framework for economic collaboration between Africa and Arab world. Currently, nine African states, including Egypt and Morocco, are part of the Arab League.
Strategic relationship
The importance of the Arabic affiliation to Africa, would help to create enhancement and cooperation to build economic partners to achieve comprehensive development on common interests and mutual benefits, in order to meet the aspirations of the Arabs peoples and achieve more growth and prosperity.
More insights
Nigeria experienced a substantial decline of 62.4% in foreign investments from countries visited by President Bola Tinubu and Vice President Kashim Shettima, according to the third quarter 2023 Capital Importation report by the National Bureau of Statistics (NBS).
A quarterly analysis reveals that capital inflow dropped from $643.3 million in Q2 2023 to $242.09 million in Q3 2023 representing a 62.4% decrease.
In total, the UAE and Saudi Arabia recorded investment of $258 million and $0.43 million in the whole of 2023 compared to $116.8 million and $9.2 million in 2022 respectively.
The Nigerian government has been courting foreign direct investments from Arab countries to help improve the country’s foreign currency reserves.
Lastly, President Tinubu addresses a cross section of potential Saudi Arabia investors, assuring them that their investments will be safe in Nigeria.
