Nigeria and Venezuela on Monday signed Memorandum of Understanding on mechanism for strategic dialogue, cooperation for institution of higher diplomatic studies “Pedro Gual” and foreign Service Academy.
The two countries signed the MoU in Abuja at the Nigeria’s Ministry of Foreign Affairs.
The Minister of Foreign Affairs, Geoffrey Onyeama, signed on behalf of Nigeria, while Jorge Arreaza, the Minister of Foreign Affairs of Venezuela, signed on behalf of Venezuela.
Meanwhile, briefing newsmen on the outcome of their agreement, both Ministers of Foreign Affairs said the MoU is aimed at strengthening the relationship between the two countries.
Onyeama said that the MoU between the two countries was apt, because it would help them design the road map to achieve meaningful development.
He described the relationship that had existed between Nigeria and Venezuela as excellent.
He said: “Our relationship started since 1955, we are oil producing nations and we have seen that we can diversify from oil.
“We are two countries going through challenges at the moment, in terms of security, dealing with terrorism and notable is the challenge we face in drastic drop in price of petroleum.
“This meeting provides opportunity for us to develop road map to increase cooperation between both countries; first to map out comprehensive action plan for cooperation in various sectors of our economy.
“We will diversify into areas such as agriculture, infrastructure which is important and we are looking into other aspects like education.
“The agreement we have both signed today is key because it forms strategic dialogue to put solid framework for constant discourse and cooperation between the two countries.”
He, however, assured his counterpart of economic support to further boost the relationship between them.
Earlier, Arreaza said that Nigeria and Venezuela shared similarities in areas of economic, democracy and socio-political tradition, therefore the need to for mutual agreement to foster the relationship.
According to him, we have many similarities; we are countries that have oil and work with OPEC, we have economy that compliments each other, therefore the need for our bilateral relations.
Areaza said: “This is a good time to enhance our relationship; we have to grow because we are really brothers and sisters in cooperation.
“It is also a good time because as there are new changes in the international oil market, we have to align with each other.
“I believe it is the best time we can relate with both each other in terms of socio-political tradition; we three elections in 2017 and we are going to have another one this year.”