Egypt's Minister of Trade and Industry Tarek Qabil - File photo
CAIRO – 18 June 2017: The Nigerian government decided to abolish import bans on the Egyptian furniture, according to Minister of Trade and Industry Tariq Qabil statements Sunday.
He added that the decision came after long debates with the Nigerian government and a number of the formal meetings between the two counties' leaders under the supervision of the World Trade Organization (WTO).
In 2005, the Nigerian government decided to ban the importation of about 25 merchandises from Egypt, including the furniture, which led to huge deterioration in the Egyptian furniture exporting market.
"Lifting the embargo on the furniture importing in Nigeria enhances the Egyptian goods’ chance in the African market, as it is considered one of the biggest and most important markets in Africa," Qabil added in his statements.
Qabil urged Egyptian companies and businessmen “to use the chance and focus more on the African market, per the country's new economic strategy.”
Since 2013, former trade and industry minister Mounier Fahkhry Abdel Nour was discussing enhancing trade between the two countries with his counterpart Olusegun Aganga at several meetings.
Egypt participated in the conference of the Leading Group of Innovative Mechanisms for Financing Development in Developing Countries held in Abuja January 17, 2014, aiming to find creative financing recourses compatible with the developing countries’ economic situation.
Several leading Egyptian companies are working within the Nigerian market since 1991 including Egypt Air, prominent construction and contracting company Arab Contractors and the multi-activity company, Orascom Construction. In 2011, the volume of Egyptian exports to Nigeria reached LE 832.3 million ($45 million).