Nigeria And Singapore Sign Bilateral Deal To Deepen Economic Ties

Nigeria and Singapore have signed a bilateral investment treaty to promote and protect investments between the two countries.

A statement on Saturday by Alkasim Abdulkadir, media aide to Foreign Affairs Minister Yusuf Tuggar, said the agreement known as the Investment Promotion and Protection Agreement (IPPA) aims to boost Nigeria’s reputation as a safe destination for investors while also safeguarding the interests of Singaporean businesses.

The treaty was signed on August 22, ahead of the 5th Singapore–Africa Ministerial Exchange Visit (SAMEV), which took place from August 26 to 28 in Singapore.

SAMEV, first held in 2014, serves as a platform for African nations and Singapore to strengthen ties and share development experiences.

Minister Tuggar attended the forum, which also featured Gbenga Oyebode, co-founder of leading Nigerian law firm Aluko & Oyebode, and Samaila Zubairu, president and CEO of the Africa Finance Corporation, as keynote speakers.

“Both underscored Africa’s growing role in global economic integration and Nigeria’s position as a hub for investment in the continent,” the statement said.

“The BIT is expected to catalyse economic cooperation, deepen investor confidence, and expand opportunities in key sectors such as infrastructure, technology, and sustainable development.

“It also aligns with Nigeria’s broader foreign policy drive to attract foreign direct investment and build global economic partnerships under President Bola Ahmed Tinubu’s administration.”

Beyond the signing of agreements, Abdulkadir noted that the event gave Nigeria the opportunity to highlight its ongoing economic reforms and strengthen connections with policymakers and business leaders from across Asia and Africa.

KanyiDaily recalls that Nigeria and Brazil recently signed a new air services agreement that will allow direct flights between both countries, aimed at strengthening trade, culture, and diplomatic relations.