Following high-level meetings between a Nigerian delegation led by Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, ...
Following high-level meetings between a Nigerian delegation led by Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, and senior Austrian government officials, both countries have committed to strengthening their bilateral economic relations.
This was disclosed by a press statement issued by the ministry's Director of Information and Public Relations, Mrs Julie Okogie-Jacobs, on Wednesday, in which Bagudu told Austria's Vice Minister of Finance, Mag. Andreas Reichhardt, that President Bola Tinubu's bold reforms have opened up Nigeria to both domestic and foreign investors.
"With President Bola Tinubu's bold reforms opening up the Nigerian economy for foreign and domestic investments, we are committed to long-term, strategic partnerships that create jobs, generate income, and promote prosperity," Bagudu said during one of the meetings in Vienna, Austria.
The delegation engaged with senior Austrian officials, including the Federal Minister for Agriculture, Forestry, Regions and Water Management of the Republic of Austria, Mag. Norbert Totschnig; the State Secretary for the Federal Ministry of Economy, Energy and Tourism, Ms Elisabeth Zehetner; and the Federal Minister for Innovation, Mobility and Infrastructure, Mr Peter Hanke.
Others were Director-General of the International Centre for Migration Policy Development, Dr Michael Spindelegger, who was formerly minister for Foreign Affairs and Finance as well as Vice-Chancellor, and the CEO of the Vienna Stock Exchange, Mr Christoph Boschan.
The statement noted that the engagements with Austrian officials and business leaders in Vienna on Friday centred on establishing new partnerships in capital market development, investment, innovation and mobility, migration governance, agriculture and water management, and economic reform support.
She stated that some Austrian companies delivered presentations proposing a technology transfer and a local manufacturing partnership that would enable Nigeria to produce water filtration materials domestically, expand the textile industry value chain to create skilled jobs, and improve water and food security through local capacity-building and training.
Along with signing a Memorandum of Understanding (MoU) that will act as a strategic framework for their cooperation in Agriculture, Water Management, Rural Development, and Climate Resilience, the statement said both sides also agreed to accelerate negotiations on another MoU to strengthen their bilateral economic relations and formalise cooperation in trade, investment, energy, and tourism.
The memorandum on Agriculture, signed on Friday by Bagudu and Austria's Federal Minister for Agriculture, Forestry, Regions and Water Management, Mag. Norbert Totschnig is expected to support Nigeria's efforts to enhance food security, promote climate-smart agriculture, and strengthen rural livelihoods.
"This MoU is a significant milestone in Nigeria's partnership with Austria that will promote sustainable agriculture, improve food security, and strengthen rural resilience against climate change," Bagudu said during the signing ceremony, which was attended by former Vice-Chancellor and Minister of Finance, and former Vice-President of EIB Mr Wilhelm Molterer, who reaffirmed Austria's commitment to supporting sustainable agricultural development in Nigeria.
Totschnig described the MoU as "a promising start to a long-term collaboration that can serve as a model for Africa-Europe agricultural partnerships."
The MoU aims to enhance bilateral cooperation, promote sustainable food systems, improve water resource management, and increase resilience to the effects of climate change, in accordance with Nigeria's National Development Plan (2021-2025) and the Renewed Hope Agenda.
It also aims to utilise Austrian expertise, technologies, and private capital to support Nigeria's priorities in sustainable agriculture, irrigation, environmental protection, and rural infrastructure.
Areas of cooperation include promoting agro-processing and value chain development, supporting soil and watershed management, developing efficient irrigation systems, enhancing rural economies, and expanding forestry and afforestation initiatives. It also facilitates capacity building, research collaboration, and technical knowledge transfer between both parties to strengthen institutional and human resource capabilities.
The implementation of the MoU will build on existing Austria-supported initiatives in Nigeria, such as the European Business Park (EBP) and the Centre of Practical Skills (COPS) in Enugu, which provide platforms for rural innovation and skills development.
To ensure transparency and effective management of investment projects, a Special Purpose Vehicle (SPV) -- ESME Nigeria Limited, under MOFI, will coordinate and safeguard investments arising from this partnership.
During a meeting with the State Secretary of the Federal Ministry for Economy, Energy and Tourism, Ms Elisabeth Zehetner, both countries also agreed to expedite another MoU to strengthen existing economic cooperation and explore new areas of partnership.
Zehetner stated, "Nigeria remains one of our most important trading partners in Sub-Saharan Africa, and we are keen to explore new dimensions of cooperation -- especially in green technology, renewable energy, circular economy, and vocational training."
Bagudu highlighted that Nigeria's reform agenda is opening up new opportunities in infrastructure, renewable energy, manufacturing, and tourism, and that Austria's strong interest in collaborating with Nigeria through technology transfer, skills development, and sustainable investment is welcomed.
"Our focus is to create mutually beneficial partnerships that translate into real value -- for Austrian investors and for the Nigerian people," he said.
The delegation also met with the Director General of the International Centre for Migration Policy Development (ICMPD), Dr Michael Spindelegger, emphasising the importance of strengthening cooperation between Nigeria and ICMPD in migration governance, skills development, and legal pathways for labour mobility, building on the organisation's longstanding engagement in Nigeria.
"We see migration not as a challenge but as an opportunity--one that can be harnessed for shared growth," the Minister said, explaining that President Bola Tinubu had emphasised the need for strategic partnerships that link migration to skills, innovation, and investment.
Expressing Nigeria's eagerness to collaborate with ICMPD to develop a model linking training, certification, and employment within a legal migration framework, the minister acknowledged ICMPD's consistent support and reaffirmed Nigeria's commitment to establishing safe, legal, and productive migration systems that benefit both sending and receiving countries.
Responding, Spindelegger noted that ICMPD's partnership with Nigeria has developed from technical cooperation to strategic collaboration, with active projects in border management, anti-trafficking, and labour migration.
"We are proud of Nigeria's progress. The Enugu Centre of Practical Skills, along with our collaborations with national institutions, demonstrates the importance of long-term cooperation. We are now ready to develop this into a structured migration partnership that promotes skills development, legal migration pathways, and economic opportunities for youth," he said.
Dr Spindelegger mentioned that a workshop with the City of Vienna is already scheduled to develop a broader concept that will enable Nigerians to receive vocational training in Nigeria and subsequently work in Austria.
The minister called for strengthening fiscal cooperation and encouraging innovative investment partnerships between the two countries during the delegation's meeting with Austria's Vice Minister of Finance, Mag. Andreas Reichhardt.
"We are committed to long-term, strategic partnerships that create jobs, generate income, and promote prosperity. The ideas and technologies shared today align seamlessly with Nigeria's development priorities outlined in the National Development Plan (2021-2025) and the Renewed Hope Agenda," Bagudu told Reichhardt.
He explained that the Tinubu administration had implemented bold fiscal and monetary reforms to unify exchange rates, rationalise subsidies, and rebuild investor confidence, noting that the economy had been opened up to private investment because government alone could not fund the nation's development.
Reichhardt expressed delight at hosting the Nigerian delegation and reaffirmed Austria's commitment to establishing a strong partnership with Nigeria.
According to him, "We believe there is great potential for cooperation between our countries in finance, technology, agriculture, and industrial development. Austria is eager to exchange expertise, develop joint strategies, and support innovation-driven projects that promote sustainable growth in Nigeria."
Bagudu, who returned to Nigeria over the weekend, also visited the Vienna Stock Exchange, where the Chief Executive Officer, Dr Christoph Boschan, welcomed him. He highlighted the importance of strong governance and transparency in maintaining economic growth.
"A modern financial system depends on the right balance between state interests and private sector transparency," he said, adding, "When the state plays a role in large-scale infrastructure or strategic industries, it must be matched with clear accountability and public governance. That is what ensures investor confidence and long-term value creation."
Responding, Bagudu stated, "We are impressed by Austria's financial market model--its stability, governance standards, and efficiency. Nigeria is eager to learn from these experiences as we design frameworks that link public assets, infrastructure projects, and sustainable financing to the capital market.
"Our goal is to create a transparent ecosystem that allows both state-owned entities and private firms to access financing while ensuring full public accountability.
"Partnerships with institutions such as the Vienna Stock Exchange can help us attain this balance between growth, governance, and inclusivity."
During the meeting with Federal Minister Hanke, who heads one of Austria's largest ministries -- responsible for Infrastructure, Mobility and Innovation -- both sides agreed to strengthen cooperation between Austria and Nigeria in the fields of transport infrastructure, mobility, and technological innovation.
The discussion focused on the transfer of Austrian expertise and best practices, particularly in railway and road infrastructure (ÖBB - Austrian Federal Railways, and ASFINAG - the state-owned motorway and expressway company), as well as in innovative mobility solutions.
A visit by Minister Hanke to Nigeria was agreed in principle to further advance these initiatives and explore concrete cooperation opportunities on the ground.
The minister finished his visit with a Business Reception hosted by Prosper Africa, attended by more than 130 high-ranking Austrian government officials, diplomats, and business leaders.
During the evening event, Minister Bagudu also met with Mr Bernhard Sagmeister, Director General of Austria Wirtschaftsservice (AWS), Austria's state-owned development bank. AWS issues more than EUR 1 billion in guarantees each year to Austrian companies, including for investments abroad, and serves as a partner of the Austrian European Business Park (EBP) in Enugu. The discussion centred on deepening and expanding the cooperation.
In his keynote remarks, Bagudu reaffirmed Nigeria's willingness to attract investment and collaborate. "Nigeria is open for business. Under President Tinubu's leadership, we are implementing bold reforms to stabilise the economy, restore investor confidence, and ensure private capital drives national development," he stated, concluding, "Our engagements in Vienna reaffirm that development is best achieved through collaboration. By working with partners like Austria, we can unlock innovation, attract sustainable investment, and deliver inclusive growth in line with our National Development Plan and the Renewed Hope Agenda."
Copyright 2025 Leadership. All rights reserved. Distributed by AllAfrica Global Media (okay1).
Tagged: Europe and Africa, Economy, Business and Finance, West Africa, Nigeria, External Relations
Provided by SyndiGate Media Inc. (Syndigate.info).
COMMENTS