Nigeria and Austria have pledged to deepen their economic relations following high-level talks in Vienna between a Nigerian delegation led by Minister of Budget and Economic Planning, Senator Abubakar Bagudu, and senior Austrian government officials.
“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,” Bagudu told Austria’s Vice Minister of Finance, Mag. Andreas Reichhardt.
The Nigerian delegation held meetings with top Austrian officials, including Mag. Norbert Totschnig, Federal Minister for Agriculture, Forestry, Regions and Water Management; Ms Elisabeth Zehetner, State Secretary for the Federal Ministry of Economy, Energy and Tourism; and Mr Peter Hanke, Federal Minister for Innovation, Mobility and Infrastructure. Also present were Dr Michael Spindelegger, Director-General of the International Centre for Migration Policy Development (ICMPD), and Mr Christoph Boschan, CEO of the Vienna Stock Exchange.
According to Mrs Julie Okogie-Jacobs, Director of Information and Public Relations at the Ministry, Friday’s engagements focused on partnerships in capital market development, investment, innovation and mobility, migration governance, agriculture, water management, and economic reform.
She noted that Austrian companies presented proposals for technology transfer and local manufacturing partnerships aimed at enabling Nigeria to produce water filtration materials, expand the textile industry, and enhance water and food security through domestic capacity building and training.
A major outcome of the talks was the signing of a Memorandum of Understanding (MoU) on Agriculture, Water Management, Rural Development, and Climate Resilience. Both countries also agreed to accelerate negotiations on another MoU covering trade, investment, energy, and tourism cooperation.
The agriculture MoU, signed by Bagudu and Minister Totschnig, is aimed at enhancing food security, promoting climate-smart agriculture, and boosting 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 at the signing ceremony, which was also attended by former Vice-Chancellor and Finance Minister, Mr Wilhelm Molterer. Molterer reaffirmed Austria’s commitment to sustainable agricultural development in Nigeria.
Totschnig described the agreement as “a promising start to a long-term collaboration that can serve as a model for Africa–Europe agricultural partnerships.”
The MoU supports Nigeria’s National Development Plan (2021–2025) and the Renewed Hope Agenda, targeting sustainable food systems, improved water resource management, and resilience to climate change. It seeks to leverage Austrian technology and private capital to advance Nigeria’s priorities in agriculture, irrigation, environmental protection, and rural infrastructure.
Specific areas of cooperation include agro-processing and value chain development, soil and watershed management, irrigation systems, rural economy enhancement, and afforestation. The agreement also covers capacity building, research, and technical knowledge transfer.
Implementation will build on existing Austrian-supported initiatives in Nigeria such as the European Business Park (EBP) and the Centre of Practical Skills (COPS) in Enugu, which promote rural innovation and skills training.
To ensure accountability and proper management of investment initiatives, ESME Nigeria Limited — a Special Purpose Vehicle under MOFI — will oversee the projects born out of this partnership.
During a separate meeting with Ms Elisabeth Zehetner, both sides agreed to expedite negotiations on another MoU focused on deepening economic cooperation and exploring new collaboration areas.
Zehetner said, “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.”
Bagudu highlighted Nigeria’s reform efforts and the country’s openness to investment in infrastructure, renewable energy, manufacturing, and tourism. He welcomed Austria’s interest in collaborating through technology transfer, skills development, and sustainable investment.
“Our focus is to create mutually beneficial partnerships that translate into real value — for Austrian investors and for the Nigerian people,” he said.
At ICMPD, the delegation discussed enhancing cooperation on migration governance, skills development, and legal migration pathways. Bagudu emphasised that migration should be viewed as an opportunity for shared growth.
“We see migration not as a challenge but as an opportunity—one that can be harnessed for shared growth,” he stated, stressing President Tinubu’s emphasis on linking migration to skills, innovation, and investment.
He expressed interest in collaborating with ICMPD on a model that connects training, certification, and employment within a legal migration framework. He also acknowledged ICMPD’s support and reiterated Nigeria’s commitment to safe, legal, and productive migration systems.
Dr Spindelegger responded by noting the evolution of ICMPD’s partnership with Nigeria from technical to strategic collaboration, including work in border management, anti-trafficking, and labour migration.
“We are proud of Nigeria’s progress. The Enugu Centre of Practical Skills, along with our collaborations with national institutions, demonstrates the importance of long-term cooperation. We are now ready to develop this into a structured migration partnership that promotes skills development, legal migration pathways, and economic opportunities for youth,” he said.
Spindelegger added that a workshop with the City of Vienna is being planned to develop a broader concept enabling Nigerians to receive vocational training locally and later work in Austria.
In the meeting with Vice Minister Reichhardt, Bagudu called for greater fiscal cooperation and innovative investment partnerships. He reiterated Nigeria’s commitment to strategic partnerships aligned with national priorities.
“We are committed to long-term, strategic partnerships that create jobs, generate income, and promote prosperity. The ideas and technologies shared today align seamlessly with Nigeria’s development priorities outlined in the National Development Plan (2021–2025) and the Renewed Hope Agenda,” Bagudu told Reichhardt.
He pointed out reforms by the Tinubu administration, including unification of exchange rates, subsidy rationalisation, and investor confidence restoration, stressing that the private sector must drive development.
Reichhardt welcomed the Nigerian delegation and confirmed Austria’s desire to establish a robust partnership with Nigeria.
“We believe there is great potential for cooperation between our countries in finance, technology, agriculture, and industrial development. Austria is eager to exchange expertise, develop joint strategies, and support innovation-driven projects that promote sustainable growth in Nigeria,” he stated.
While visiting the Vienna Stock Exchange, Bagudu met with CEO Dr Christoph Boschan, who stressed the need for sound governance to sustain economic growth.
“A modern financial system depends on the right balance between state interests and private sector transparency,” Boschan said. “When the state plays a role in large-scale infrastructure or strategic industries, it must be matched with clear accountability and public governance. That is what ensures investor confidence and long-term value creation.”
Bagudu responded, “We are impressed by Austria’s financial market model—its stability, governance standards, and efficiency. Nigeria is eager to learn from these experiences as we design frameworks that link public assets, infrastructure projects, and sustainable financing to the capital market.”
He added, “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. Partnerships with institutions such as the Vienna Stock Exchange can help us attain this balance between growth, governance, and inclusivity.”
In a separate engagement with Federal Minister Peter Hanke, discussions focused on enhancing cooperation in transport infrastructure, mobility, and technological innovation. The talks explored Austrian expertise in rail and road infrastructure (through ÖBB and ASFINAG), along with innovative mobility solutions.
A visit by Minister Hanke to Nigeria was agreed in principle to advance these efforts and explore practical cooperation.
The visit concluded with a Business Reception hosted by Prosper Africa, attended by over 130 Austrian government officials, diplomats, and business leaders.
At the event, Bagudu also met Mr Bernhard Sagmeister, Director General of Austria Wirtschaftsservice (AWS), Austria’s state-owned development bank. Discussions revolved around expanding AWS-backed initiatives like the Austrian European Business Park in Enugu.
In his keynote remarks, Bagudu reaffirmed Nigeria’s commitment to reform and openness to investment. “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 stated.
“Our engagements in Vienna reaffirm that 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,” he concluded.
