African Union pushes for greater trade with Middle East | The Guardian Nigeria News

The African Union (AU) has called on Arabian countries to renew their investment and trade commitments across Africa, emphasizing the need to strengthen economic ties between the two regions. The call was made by the Chairperson of the African Union Commission (AUC), Moussa Faki, at the 33rd session Arab Summit held in Bahrain.

Faki highlighted the significant role that Arab countries can play in advancing joint Arab-African initiatives and realizing the mutual priorities and ambitions of both regions. He emphasized the historical context of the Africa-Arab partnership, which was first ratified in 1977, to serve as a framework for economic collaboration between both regions.

Currently, nine African states, including Egypt and Morocco, are part of the Arab League, and Faki’s call for increased Arab investment comes at a time when Africa is seeking more economic opportunities to boost its development. The Middle East and North Africa (MENA) regions are known for their wealth in natural resources, holding over 60 percent of the world’s proven oil reserves. Oil accounts for about 85 percent of the merchandise exports from the Arabian region, according to a report from the World Bank.

Faki acknowledged the efforts of various financial institutions, including the Islamic Development Bank, Arab African Development Bank, and the Arab Finance and Development Funds, in supporting development across Africa over the last five decades. However, he pointed out that the current level of Arab investment in Africa does not fully reflect the potential and depth of the relationship between both regions. He stressed the need for Arab countries to enhance their economic investments in Africa to achieve more substantial and impactful development outcomes.

The Bahrain King, Hamad bin Isa Al Khalifa, who presided over the summit, read out the Bahrain Declaration approved by the League of Arab States. The declaration showed that Arab states pledged to strategic economic relations with Africa at the global level, recognizing the strategic importance of the Arab nation and the need to create conditions for enhanced cooperation and building economic partnerships.

In a related development, Nigeria experienced a substantial decline of 62.4 percent in foreign investments according to the Q3 2023 Capital Importation report by the National Bureau of Statistics (NBS), dropping from $643.3 million to $242.09 million last year. This decline underscores the importance of revitalizing partnerships and attracting investments to drive economic growth and development in Africa.

Overall, the call for increased Arab investment in Africa highlights the potential for mutually beneficial partnerships between the two regions, with a focus on economic integration, trade, infrastructure development, and technology transfer. By strengthening these ties, both Africa and the Arab world can work together to achieve shared goals and promote growth and prosperity for their peoples.