Africa (Commonwealth Union)—Nigeria and Austria have reported that they are determined to increase economic cooperation, which they discussed at high-level meetings in Vienna, which had Senator Abubakar Bagudu of Nigeria’s Ministry of Budget and Economic Planning as a lead. These meetings, which signal a new phase in our bilateral relationship, also saw the two parties putting forward plans to grow trade, investment, and development cooperation.
Speaking with Austria’s Vice Minister of Finance, Mag. Andreas Reichhardt, Bagudu put out that Nigeria is in the midst of wide-scale economic reforms, which we are seeing as very positive for the development of large-scale, lasting partnerships. We are putting together what we think will be strategic alliances, which will in turn create jobs, income, and prosperity for both of our countries.
The Nigerians had in-depth talks with senior Austrian officials, which included Federal Minister for Agriculture, Forestry, Regions, and Water Management, Mag. Norbert Totschnig; State Secretary for Economy, Energy, and Tourism, Ms. Elisabeth Zehetner; and Federal Minister for Innovation, Mobility, and Infrastructure, Mr. Peter Hanke.
A key result of the visit was the signing of an agreement between parties on agriculture, water management, and climate resilience, which in turn will see to it that we have greater cooperation in sustainable agricultural practices, food security, and rural development. Bagudu put forward that the agreement is a milestone that will strengthen rural lives and that also is a step in the direction of climate-smart farming.
The MoU is in support of Nigeria’s National Development Plan (2021–2025) and the Renewed Hope Agenda, which also features the input of Austrian expertise in irrigation, afforestation, and agro-processing, which we expect to see improve productivity. Furthermore, it sets out a structure for capacity building, research cooperation, and technology transfer.
Austria’s Totschnig put forth that the partnership is a model for African-European agricultural cooperation, and former Austrian Vice Chancellor Wilhelm Molterer also reported that Austria is behind sustainable food systems in Nigeria.
In different discussions with the Austrian Ministry of Economy, Energy, and Tourism, it was agreed that we fast-track another MoU, which is on trade, renewable energy, and vocational training. “Nigeria is a main trading partner in Sub-Saharan Africa,” reported Zehetner, who also brought up Austria’s interest in green technology and circular economy projects.
ICMPD, which is an International Centre for Migration Policy Development, reported that we also saw a great opportunity for cooperation between us, which we are going to pursue. Also at the meeting, which had in it the ICMPD Director General Dr. Michael Spindelegger, we noted that he is very impressed by the leadership of Nigeria in this field of migration policy and that he is willing to take our cooperation to another level, especially in the areas of youth employment and vocational training.
Bagudu’s tour ended at the Vienna Stock Exchange, which saw him put forth the issue of transparency and governance in financial structures. Also, he noted that a modern economy does best when the state’s interest aligns with the private sector’s accountability.
These are the initiatives that mark out a new stage in Nigeria-Austria relations, which will see in innovation, investment and sustainable growth.
