In an exciting move to enhance trade and investment between Nigeria and the Kingdom of Netherlands, both countries are in talks to establish a Joint Bi-national Commission. This development comes as President Bola Tinubu’s government opens up Nigeria to business-oriented nations, paving the way for increased economic opportunities.
During the Nigeria-Netherlands Economic Consultation meeting held in Abuja, Ambassador Adamu Lamuwa, the Permanent Secretary of the Ministry of Foreign Affairs, welcomed a delegation from the Netherlands. Lamuwa expressed the need for a Joint Commission, citing the remarkable economic cooperation between the two nations. Notably, numerous Dutch companies have established their operational bases in Nigeria, including Royal Dutch Shell Petroleum, Friesland Campina, Heineken, and Pladis, to name a few.
Despite the longstanding bilateral relations, no Joint/Bi-National Commission Agreement has been established between Nigeria and the Netherlands since 1987. Lamuwa emphasized the Nigerian government’s desire to reopen negotiations for such an agreement, which would solidify and further enhance the relationship between the two countries.
The Nigeria-Netherlands Economic Consultation serves as a testament to the commitment of both governments in fostering bilateral relations. President Bola Ahmed Tinubu’s administration aims to build a thriving and sustainable economy, generating wealth, employment opportunities, foreign direct investments (FDIs), and diversifying Nigeria’s economy. Lamuwa highlighted that Nigeria is open to exploring other areas of economic cooperation with the Kingdom of the Netherlands, such as the agricultural value chain, circular economy, renewable energy, waterways management, water security, oil and gas, and special economic zones.
Leading the Dutch delegation, Ms. Hanneke Schuiling, the Vice-Minister for Foreign Trade of the Kingdom of the Netherlands, emphasized the importance of modernizing the Bilateral Investment Treaty between the two countries. A reformed treaty would strengthen investment relations and provide mutual economic benefits. Schuiling highlighted the strong and longstanding trade and investment relations between Nigeria and the Netherlands, with both countries seeing high potential in agriculture, information technology, healthcare, and renewable energy sectors.
The renegotiation of the existing bilateral investment treaty, signed in 1992, will reflect the changes and evolving approaches to international investments in both countries. This modernized treaty will foster stronger economic relations and create more opportunities for collaboration.
The Nigeria-Netherlands Economic Consultation meeting witnessed the participation of several Federal Government Agencies and Parastatals, including the National Office for Technology Acquisition and Promotion (NOTAP), the National Agency for Science and Engineering Infrastructure (NASENI), the Raw Materials Research and Development Council, and the Nigerian Data Protection Bureau (NDPB), among others.
As Nigeria and the Netherlands strengthen their economic ties through the Joint Bi-national Commission, both nations can anticipate increased trade, investment, and exciting Dutch connections. This promising collaboration holds the potential to drive economic growth and prosperity for both countries in the years to come.
