To boost trade between Kenya and Nigeria, the economic giants have both agreed on visa exemption for diplomatic passport holders.
This move by the two states will bolster bilateral ties as well as spruce up business opportunities between the two countries.
Now, there will be free entry for businessmen from both states as opposed to paying a visa fee on arrival.
The partnership with Nigeria is not about individuals but two great economies & it will withstand the test of time. pic.twitter.com/ttXFOZIqoC— Uhuru Kenyatta (@UKenyatta) January 28, 2016
This agreement was reached during the Kenya-Nigeria Business Forum in the East African country attended by both heads of state.
The two countries are seeking to establish a duty-free trade zone in order to increase trade volumes.
Nevertheless, trade between the two countries has remained constant over the years.
Since 2013, the two nations have yielded a number of agreements including the Bilateral Trade Agreement and the Memorandum of Understanding between the Kenyan and Nigerian Private sectors.
‘‘We have gone over the initiatives taken from 2003 to last year and I assure you that the MoUs signed then and the other agreements have rapidly made progress,’‘ Nigerian president Muhammadu Buhari said.
‘‘I am reliably informed that Kenya and Nigeria have agreed to establish the Joint Trade Committee, which will address issues affecting our trade relations,’‘ Kenyan president Uhuru Kenyatta said.
Meanwhile, Kenyatta has called on Nigerian investors to tap into the countries nascent oil sector which was discovered recently.
‘‘Given the economic importance of the sector and the Nigerian experience in this sector, we invite Nigerian investors to consider investing in Kenya by going into joint ventures with Kenyan companies or through Public Private Partnerships. I want to assure you that Kenya is open and safe for business and investment,’‘ Kenyatta said.
‘‘We congratulate Kenya for discovering oil and gas – an area of great economic potential which Nigeria had the benefit of exploiting for over 50 years. We believe with indigenous technology and trained people, Nigeria will be able to help,’‘ Buhari added.