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Nigeria Seeks Partnership with Switzerland to Drive Innovation and Economic Growth – Senate President Akpabio

Nigeria is ready to forge a strong partnership with Switzerland to foster innovation, diversify its economy, and create long-term opportunities for future generations, according to Senator Godswill Akpabio, the President of the Nigerian Senate.

Akpabio emphasized Nigeria’s leadership as Africa’s largest economy and a key player in the African Continental Free Trade Area (AfCFTA). He expressed the country’s eagerness to deepen its engagement with the European Free Trade Association (EFTA), moving beyond traditional trade relationships.

During a courtesy visit by the Swiss EFTA delegation to the National Assembly in Abuja, Akpabio outlined his vision for a partnership that would spark innovation, support economic diversification, and create opportunities for the next generations. He praised Switzerland and EFTA for their economic cooperation and innovation, noting their role as global benchmarks of progress.

Akpabio also highlighted the historic agreement from 2017, in which Switzerland returned $321 million in recovered funds to Nigeria. He commended this as an act of accountability and justice, strengthening trust between the two nations.

Under President Bola Tinubu, Nigeria is undergoing significant economic reforms, including fuel subsidy removal and naira exchange rate unification. Akpabio remarked that these reforms are laying the foundation for sustainable economic growth, with the country expecting a 4.17% GDP growth rate by 2025.

He expressed confidence that the challenges Nigeria faces can be overcome through collaboration, saying, “Our challenges can be overcome—not by one nation alone, but through the unity of many.”

On behalf of the Nigerian Senate, Akpabio thanked the Swiss delegation, wishing for fruitful discussions and a strong, enduring partnership.

Thomas Aeschi, the head of the Swiss delegation and a member of Switzerland’s House of Representatives, shared his optimism about strengthening economic ties with Nigeria. He acknowledged that while EFTA has yet to formalize trade negotiations with Nigeria, the visit was an essential step toward building a collaborative future.

Aeschi highlighted the role of EFTA, which includes Switzerland, Iceland, Norway, and Liechtenstein, in fostering free trade with countries outside the European Union. He recognized Nigeria’s significant potential, driven by its large population, and expressed confidence in parliamentary diplomacy to further strengthen bilateral relations.

Although there is no formal trade negotiation framework yet, Aeschi concluded by saying, “We are here to explore possibilities and lay the groundwork for future engagements.”

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