Nigeria, Morocco Strengthen Business Ties

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Jonathan Eze

The Nigeria Economic Summit Group (NESG), the Africa Economic Development Policy Initiative (AEDPI) and OCP Policy Centre of Morocco have announced the launch of the first edition of the “Morocco-Nigeria Strategic Dialogues: focusing on Enhancing Opportunities for Growth and Development.

This partnership aims to play a pivotal role in promoting trade in the two countries, and catalysing debate and new ideas related to the future economic and other relationships between both countries.

The objective of this joint initiative is to provide a platform for comparative analysis of the challenges and potentials of the two economies as well as possible actions to promote complementary exchanges and synergies between them.

According to a statement made available in Abuja and signed by Managing Director of the OCP Policy Centre, Morocco, Karim El Aynaoui, the first edition would focus on: Fiscal and Monetary Policies in Times of Uncertainty; the Complementarities between Nigeria and Morocco in the Energy Sector; the Role of Financial markets and the Mobilisation of Local Resources, as well as the Role of Youth and Diaspora at the Regional and Continental levels.

It will also explore the roles of Morocco and Nigeria as two strategic players within the African continent.

These two emerging countries, the statement stated, have considerable leverage and relevant experience in multiple sectors.

“When it comes to the role of fiscal and monetary policies, it is worth noting that price stability is important in avoiding prolonged inflation and deflation and represents a significant objective of monetary policy.

“Monetary and fiscal policies are both very important in ensuring a stable economy, and Central Banks and Ministries of Finance have an important role to play in mitigating the impact of commodity prices fluctuation on the economic activity and how they can work toprovide price stability,” the statement added.

It further noted that in the energy sector, there is very great value in highlighting the complementarities between Nigeria and Morocco, Nigeria being the first producer of Oil and Gas on the African Continent, and Morocco being a significant player in renewable energy.

With regards to the mobilisation of local resources, the statement said a large majority of African countries are subjected to crippling foreign debts which could, ultimately, paralyse the economic capacities of the country if the foreign debt to GDP ratio remains dangerously high.