The Private Sector Federation of Rwanda (PSF) has signed a new partnership agreement with the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) of Nigeria, aimed at strengthening trade, investment, and economic collaboration between the two nations.
The memorandum of understanding (MoU) was signed during the “Invest in Rwanda” Forum, held at the Lagos Continental Hotel, which brought together business leaders, investors, and policymakers from Rwanda, Nigeria, and across Africa.
The event was jointly organized by the Rwanda Development Board (RDB), the Embassy of Rwanda in Nigeria, and the Lagos Chamber of Commerce and Industry (LCCI).
A Strategic Alliance for Economic Growth
The agreement seeks to deepen cooperation between Rwandan and Nigerian entrepreneurs, promote knowledge exchange, and turn bilateral discussions into concrete investment opportunities. It also aims to strengthen private-sector linkages, enhance trade flows, and foster innovation across key industries.
Rwanda’s Ambassador to Nigeria, Christophe Bazivamo, hailed the agreement as a “major step forward” in advancing economic cooperation between the two countries.
He highlighted that investing in Rwanda goes beyond financial opportunity it represents a commitment to the collective development of Africa. “What defines us as Rwandans is our mindset our dedication to innovation, efficiency, and collaboration,” Ambassador Bazivamo said. “We encourage our Nigerian partners to join us in this journey toward shared progress and prosperity.”
The Ambassador also acknowledged the significant contribution Nigerian investors have already made to Rwanda’s economic growth, pointing to their active participation in sectors such as finance, technology, and manufacturing.
Rwanda: A Growing Destination for Investment
Speaking at the event, Chantal Atukunda, Head of RDB’s North America Tourism Promotion Office, revealed that Rwanda attracted US$3.2 billion in new investments in 2024, a sharp increase from US$2.4 billion in 2023.
She emphasized Rwanda’s strong reputation as a stable, business-friendly environment one consistently recognized in global reports for transparency, efficiency, and safety. “Nigeria continues to play a major role in Rwanda’s investment landscape,” Atukunda said. “In 2024 alone, Nigerian investors contributed over US$413 million, ranking fourth among Rwanda’s leading investment partners.”
According to RDB data, the majority of Rwanda’s 2024 investments were concentrated in manufacturing, finance and insurance, and real estate, accounting for 77.9% of total investment inflows.
Private Sector Leaders Commit to Strengthening Ties
Dr. Abdulaziz Muhammed, First Vice President of KACCIMA, expressed optimism about the new partnership, underscoring that stronger collaboration between Rwanda and Nigeria would accelerate Africa’s private-sector-led development. “Rwanda has become a trusted partner in trade and investment,” he said. “We are ready to elevate this partnership to new heights, working closely with PSF to unlock Africa’s economic potential.”
Founded in 1922, KACCIMA is one of Nigeria’s oldest and most influential private sector organizations, representing over 3,000 members and linking more than 10,000 enterprises across trade, industry, and agriculture.
The organization has played a central role in facilitating cross-border business partnerships, promoting industrial growth, and supporting Nigeria’s engagement in continental trade initiatives such as the African Continental Free Trade Area (AfCFTA).
Strengthening Intra-African Economic Cooperation
This partnership between PSF and KACCIMA aligns with Rwanda’s broader goal of promoting intra-African trade and fostering collaboration between regional business communities.
As Africa works to integrate its markets and reduce trade barriers, such bilateral agreements are expected to expand opportunities for investment, employment, and industrial growth across the continent.
Both countries share a vision of a connected, prosperous Africa one where innovation, entrepreneurship, and cooperation drive economic transformation. “By working together, Rwanda and Nigeria are demonstrating what Africa can achieve when nations unite around shared goals,” Ambassador Bazivamo concluded. “This is not just about trade it’s about shaping Africa’s economic future.”
Author: Justinmind HARERIMANA
