Trade exchange bet. Egypt, Nigeria rises to $181M in 2020

CAIRO – 3 August 2021: Trade exchange between Egypt and Nigeria witnessed a remarkable growth during 2020 to record $181 million, including $1 million as imports from Nigeria to Egypt, head of the Nigeria Commercial Office, Amr Tantawy, stated Tuesday.

Tantawy added that preliminary data witness continued growth during the first quarter of 2021.

This came during a seminar organized by the Furniture Export Council in cooperation with the Trade Representation Agency today under the title "Opportunities for Developing Egyptian Furniture Exports to Nigeria".

 He pointed out that there is a boom in most of the items of Egyptian exports to Nigeria, to record about $180 million, with a growth of 45 percent.

Regarding the opportunities for the growth of furniture exports to Nigeria, Tantawy said that Nigeria has a local furniture industry that covers between 50-60 percent of the market needs, but there is still an opportunity to export with competition from China, noting that the size of the domestic product of furniture reaches about $442 million.

He pointed out that there is an opportunity to get acquainted with the Nigerian market during the coming period, during the Lagos exhibition to be held during the period from 5-14 November, whether by participating in the Egyptian pavilion, individual participation, or visiting Nigeria on the sidelines.

Tantawy explained that the Egyptian Exhibition Authority requested to reserve an area of ​​100 square meters, for the participation of Egyptian companies, stressing that the purchasing power on furniture is limited, especially since many Nigerians do not prefer to change furniture every period, while there are groups and tribes who prefer expensive furniture. He also referred that the demand for iron and not classic furniture is also increasing, except in some tribes.

Head of the Nigeria Commercial Office stressed the need for furniture companies to think about the actual presence in the Nigerian market through the establishment of a store, exhibition or company, to enter into tenders for new projects and provide products in the market, especially since importers prefer the present goods and if they are not present they can cancel contracts.

Tantawy said that sea freight is the best way to export products to the Nigerian market, especially in light of the high cost of air freight, and the exporter bears the cost of freight back and forth, pointing out the need for the exporter to get his full dues before the start of the shipping process.