Nigeria and Thailand are set to deepen private-sector ties at a business forum in Lagos on Thursday, as both countries seek to expand trade and investment beyond their traditional commercial relationship.
The Thailand-Nigeria Business Forum follows a technical cooperation agreement signed by the two countries on August 25 and talks between Vice President Kashim Shettima and Thailand’s Deputy Prime Minister and Foreign Affairs Minister Sihasak Phuangketkeow on Wednesday.
The discussions have identified agriculture, technology, manufacturing, renewable energy and commerce as areas with potential for stronger cooperation.
Shettima said Nigeria’s relationship with Thailand should move beyond its traditional focus on crude oil and rice, calling for a broader strategic partnership that could create opportunities in sectors such as agriculture, information and communications technology, renewable energy and solid minerals.
Thailand, meanwhile, sees Nigeria as a potential gateway to the wider African market, while Nigeria could benefit from Thailand’s experience in agricultural technology, manufacturing and other areas of industrial development.
The technical cooperation Memorandum of Understanding signed on August 25 provides a framework for exchanges and cooperation in areas including skills development, agriculture, technology and innovation.
The business forum gives the relationship a more commercial focus, bringing the private sector into discussions about how the opportunities identified by both governments can translate into investment and trade.
For Nigerian businesses, stronger links with Thai companies could provide access to technology, expertise and potential investment. Thai companies, in turn, could gain access to Nigeria’s large domestic market and its position as one of Africa’s biggest economies.
The challenge will be turning the diplomatic commitments and business discussions into actual projects, investment and sustained two-way trade. The Lagos forum could provide an early indication of whether the renewed push between Nigeria and Thailand can produce tangible commercial opportunities.
