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Nigeria ready to engage European Free Trade Association for innovations, Akpabio assures Swiss lawmakers

The President of the Senate, Godswill Akpabio has assured the Swiss Parliament that Nigeria is ready to engage the European Feee Trade Association(EFTA) in ways that will transcend mere trade.

Akpabio spoke while receiving in audience a delegation of the European Free Trade Association(EFTA) of the Swiss Federal Assembly.

The delegation was led to the Office of the Senate President by Mr Thomas Aeshi, Chairman of the National Councillor, Swiss People's Party.

Speaking at the reception, the Senate President remarked that: "Today, we stand at a pivotal moment—a moment brimming with opportunity and the promise of a partnership that can shape the destinies of not just our nations but our posterity.

"There is a Swiss proverb that says, 'When there is unity, mountains can be moved.' It is a sentiment that resonates deeply with us as Nigerians, for we too understand that progress is built on unity, collaboration, and shared purpose.

"And today, as representatives of our nations, we are the stewards of that unity and we can move mountains. Switzerland, and indeed the European Free Trade Association, has long been a beacon of ingenuity and perseverance.

"Your work in advancing free trade and fostering economic cooperation has set a standard for what nations can achieve when they focus not on their divisions but on their commonalities.

"Our two nations, Nigeria and Switzerland, have already shared moments of profound partnership. One such moment was the historic agreement in 2017, when Switzerland returned $321 million in recovered funds to Nigeria—a gesture that not only strengthened the bonds of trust between our countries but also set a global example of accountability and mutual respect.

"It was proof that when nations act with integrity and in the spirit of justice, the world becomes a better place.

"Now, we have before us the opportunity to write the next chapter of our shared history. Nigeria, as the largest economy in Africa and a proud member of the African Continental Free Trade Area, stands ready to engage with EFTA in ways that will transcend mere trade.

"We envision partnerships that will ignite innovation, diversify our economy, and create opportunities for generations to come.

"Picture, if you will, a Nigeria where Swiss expertise in precision engineering enhances our manufacturing sector, where our agricultural wealth finds new markets in EFTA nations, and where our shared commitment to sustainability drives forward-thinking solutions for energy and the environment.

"These are not dreams—they can be the fruits of our bold action if we plant the seeds here, today.
Nigeria’s economy is on a transformative journey under the leadership of President Bola Tinubu, GCFR. 

"With bold reforms such as the removal of fuel subsidies and the unification of the naira exchange rate, the government has taken decisive steps to stabilize the economy and attract foreign direct investment. 

"These measures are laying the foundation for sustainable growth, with projections indicating a promising GDP growth rate of 4.17% in 2025.

"In addition, President Tinubu’s administration is prioritizing credit access and entrepreneurship to drive economic expansion. The forthcoming establishment of the National Credit Guarantee Company aims to empower businesses and individuals, fostering innovation and job creation. 

"These initiatives reflect Nigeria’s commitment to building a resilient economy that thrives on opportunity and partnership.

"Let us speak plainly: the world is changing. The tides of global trade are shifting, and those who rise to meet the moment with courage and vision will shape the future.

"Let it be said of Nigeria and EFTA that we did not falter, that we rose together to seize the opportunity of our time. The National Assembly is poised to take the tide when it serves and provide the legal environment for our fortunes to thrive. 

"As we embark on these ventures, let us keep our gaze fixed firmly on the horizon, where the mountains of our challenges can indeed be moved—not by one nation alone, but by the unity of many."

Speaking earlier, the leader of the delegation, Mr Thomas Aeshi said the visit was to explore ways to deepen economic partnership with Nigeria and identify new areas for collaboration.

"While EFTA does not yet have a formal trade negotiation process with Nigeria in place, we are here to lay the groundwork for future possibilities," Aeshi said.

The EFTA is an intergovernmental organisation comprising Switzerland, Iceland, Norway and Liechtenstein, dedicated to promoting free trade and fostering economic cooperation with countries outside the European Union.

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