Nigeria, Austria Strengthen Economic Ties Through Strategic Partnerships

By Ekemini Thompson on Thu Oct 16 2025

The Nigerian delegation met with several top Austrian officials, including Mag. Norbert Totschnig, Federal Minister for Agriculture, Forestry, Regions and Water Management; Ms Elisabeth Zehetner, State Secretary for Economy, Energy and Tourism; and Mr Peter Hanke, Federal Minister for Innovation, Mobility and Infrastructure.

Nigeria and AustriaStrategic Partnership

Kebbi Daily News – Vienna, Austria / Abuja, Nigeria

Nigeria and Austria have taken significant steps to deepen their bilateral economic relations following a series of high-level meetings between a Nigerian delegation led by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, and senior Austrian government officials in Vienna.

The engagements, which focused on expanding cooperation in trade, investment, agriculture, infrastructure, and innovation, reflect President Bola Tinubu’s commitment to positioning Nigeria as a top destination for global investment.

“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,” Senator Bagudu stated during a meeting with Austria’s Vice Minister of Finance, Mag. Andreas Reichhardt.

Key Engagements and Agreements

Discussions also included the Director-General of the International Centre for Migration Policy Development (ICMPD), Dr Michael Spindelegger, and the Chief Executive Officer of the Vienna Stock Exchange, Mr Christoph Boschan.

According to the Ministry’s Director of Information and Public Relations, Mrs Julie Okogie-Jacobs, the talks centred on capital market development, investment promotion, migration governance, agricultural innovation, and economic reform support.

As a key outcome of the visit, Nigeria and Austria signed a Memorandum of Understanding (MoU) on Agriculture, Water Management, Rural Development, and Climate Resilience. The agreement, signed by Senator Bagudu and Minister Totschnig, aims 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.

Totschnig described the agreement as “a promising start to a long-term collaboration that can serve as a model for Africa–Europe agricultural partnerships.”

Sustainable Growth and Technology Transfer

The MoU seeks to promote sustainable food systems, efficient water management, and resilience to climate change — aligning with Nigeria’s National Development Plan (2021–2025) and the Renewed Hope Agenda. It will also leverage Austrian expertise and technology to support agro-processing, irrigation, forestry, and capacity building.

Austrian companies proposed technology transfer and local manufacturing partnerships that will allow Nigeria to produce water filtration materials domestically, expand the textile industry, and create skilled jobs — advancing food and water security through local innovation.

To ensure transparency and accountability, a Special Purpose Vehicle (SPV) — ESME Nigeria Limited under the Ministry of Finance Incorporated (MOFI) — will oversee and safeguard investment projects resulting from the partnership.

Expanding Cooperation in Trade and Tourism

In talks with Ms Elisabeth Zehetner of Austria’s Federal Ministry of Economy, Energy and Tourism, both nations agreed to accelerate discussions on another MoU focused on trade, energy, and tourism cooperation.

“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,” Zehetner said.

Bagudu reiterated that Nigeria’s reform agenda under President Tinubu is unlocking new opportunities in infrastructure, renewable energy, manufacturing, and tourism. “Our focus is to create mutually beneficial partnerships that translate into real value — for Austrian investors and for the Nigerian people,” he added.

Migration and Skills Development

During his meeting with Dr Michael Spindelegger, Director-General of ICMPD, Bagudu emphasised the importance of strengthening cooperation in migration governance, skills development, and labour mobility.

“We see migration not as a challenge but as an opportunity — one that can be harnessed for shared growth,” the Minister noted.

Spindelegger commended Nigeria’s progress, highlighting existing collaborations such as the Centre of Practical Skills (COPS) in Enugu. He disclosed plans for a joint initiative with the City of Vienna to allow Nigerians to receive vocational training in Nigeria and subsequently work in Austria.

Finance, Innovation, and Market Transparency

At the Austrian Ministry of Finance, discussions focused on strengthening fiscal cooperation and promoting innovation-driven investments. Bagudu reaffirmed Nigeria’s openness to private sector participation in development, stating that “the economy has been opened up to private investment because government alone cannot fund national development.”

Reichhardt praised Nigeria’s reform initiatives and pledged Austria’s support for joint projects in finance, technology, agriculture, and industry.

The Nigerian delegation also met with Dr Christoph Boschan, CEO of the Vienna Stock Exchange, where Bagudu underscored the importance of transparent financial governance. “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,” he said.

Infrastructure and Mobility Cooperation

In discussions with Federal Minister Peter Hanke, both sides agreed to strengthen cooperation in transport infrastructure, mobility, and technological innovation — particularly in railways, roads, and sustainable transport systems. A visit by Minister Hanke to Nigeria was agreed upon to advance these initiatives further.

Business Reception and Investment Drive

The visit concluded with a Business Reception hosted by Prosper Africa, attended by over 130 Austrian government officials, diplomats, and business leaders.

Bagudu also met with Mr Bernhard Sagmeister, Director-General of Austria Wirtschaftsservice (AWS) — Austria’s state-owned development bank — to explore deeper cooperation on private sector financing.

In his keynote remarks, Senator Bagudu reaffirmed Nigeria’s commitment to fostering investment-friendly policies. “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 declared.

He concluded by emphasizing that partnerships like Austria’s are vital to achieving Nigeria’s long-term goals:

“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.”

Source: Federal Ministry of Budget and Economic Planning, Nigeria