Angola and Nigeria have been working to strengthen their economic and trade ties. According to Domingos Lopes, the Secretary of State for International Cooperation and Angola Communities, between 2020 and 2022, Nigeria’s exports to Angola reached $16.8 million, while Angola’s exports to Nigeria amounted to $5.6 million during the same period. The trade balance between the two countries has been negative, with Nigeria importing more than it exports to Angola.
The main products exported from Angola to Nigeria include crude oil, optics and precision instruments, and mechanical machines and devices, accounting for 42%, 20%, and 14% of total exports, respectively. On the other hand, Nigeria’s imports from Angola mainly consist of machinery and apparatus, plastics, rubbers, and other transport materials.
Both countries are looking to strengthen their economic relations, and Nigeria, under President Bola Tinubu, aims to deepen its relationship with Angola through various initiatives, including a Memorandum of Understanding on Public Communication and Media Exchange. This forum aims to foster stronger economic ties between Nigeria and Angola.