Nigeria, Austria Deepen Bilateral Economic Relations

Following high-level meetings betwixt a Nigerian delegation led by Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, and elder Austrian authorities officials, some countries person committed to strengthening their bilateral economical relations.

This was disclosed by a property connection issued by the ministry’s Director of Information and Public Relations, Mrs Julie Okogie-Jacobs, connected Wednesday, successful which Bagudu told Austria’s Vice Minister of Finance, Mag. Andreas Reichhardt, that President Bola Tinubu’s bold reforms person opened up Nigeria to some home and overseas investors.

“With President Bola Tinubu’s bold reforms opening up the Nigerian system for overseas and home investments, we are committed to long-term, strategical partnerships that make jobs, make income, and beforehand prosperity,” Bagudu said during 1 of the meetings successful Vienna, Austria.

The delegation engaged with elder 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 Director-General of the International Centre for Migration Policy Development, Dr Michael Spindelegger, who was formerly curate for Foreign Affairs and Finance arsenic good arsenic Vice-Chancellor, and the CEO of the Vienna Stock Exchange, Mr Christoph Boschan.

The connection noted that the engagements with Austrian officials and concern leaders successful Vienna connected Friday centred connected establishing caller partnerships successful superior marketplace development, investment, innovation and mobility, migration governance, agriculture and h2o management, and economical betterment support.

She stated that immoderate Austrian companies delivered presentations proposing a exertion transportation and a section manufacturing concern that would alteration Nigeria to nutrient h2o filtration materials domestically, grow the textile manufacture worth concatenation to make skilled jobs, and amended h2o and nutrient information done section capacity-building and training.

Along with signing a Memorandum of Understanding (MoU) that volition enactment arsenic a strategical model for their practice successful Agriculture, Water Management, Rural Development, and Climate Resilience, the connection said some sides besides agreed to accelerate negotiations connected different MoU to fortify their bilateral economical relations and formalise practice successful trade, investment, energy, and tourism.

The memorandum connected Agriculture, signed connected Friday by Bagudu and Austria’s Federal Minister for Agriculture, Forestry, Regions and Water Management, Mag. Norbert Totschnig is expected to enactment Nigeria’s efforts to heighten nutrient security, beforehand climate-smart agriculture, and fortify agrarian livelihoods.

“This MoU is simply a important milestone successful Nigeria’s concern with Austria that volition beforehand sustainable agriculture, amended nutrient security, and fortify agrarian resilience against clime change,” Bagudu said during the signing ceremony, which was attended by erstwhile Vice-Chancellor and Minister of Finance, and erstwhile Vice-President of EIB Mr Wilhelm Molterer, who reaffirmed Austria’s committedness to supporting sustainable cultivation improvement successful Nigeria.

Totschnig described the MoU arsenic “a promising commencement to a semipermanent collaboration that tin service arsenic a exemplary for Africa–Europe cultivation partnerships.”

The MoU aims to heighten bilateral cooperation, beforehand sustainable nutrient systems, amended h2o assets management, and summation resilience to the effects of clime change, successful accordance with Nigeria’s National Development Plan (2021–2025) and the Renewed Hope Agenda.

It besides aims to utilise Austrian expertise, technologies, and backstage superior to enactment Nigeria’s priorities successful sustainable agriculture, irrigation, biology protection, and agrarian infrastructure.

Areas of practice see promoting agro-processing and worth concatenation development, supporting ungraded and watershed management, processing businesslike irrigation systems, enhancing agrarian economies, and expanding forestry and afforestation initiatives. It besides facilitates capableness building, probe collaboration, and method cognition transportation betwixt some parties to fortify organization and quality assets capabilities.

The implementation of the MoU volition physique connected existing Austria-supported initiatives successful Nigeria, specified arsenic the European Business Park (EBP) and the Centre of Practical Skills (COPS) successful Enugu, which supply platforms for agrarian innovation and skills development.

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