The agreement was inked by Iranian Minister of Industry, Mine and Trade Mehdi Qazanfari and Nigerian Minister of State for Foreign Affairs Viola Onwuliri.
Preparing the ground to boost bilateral relations in all economic fields was the major objective of the mutual agreement.
During the meeting, the Iranian minister said Tehran wants further cooperation with the African states.
He also criticized the colonial attitudes against the African countries.
The Nigerian minister, for her part, said her visit to Iran was an opportunity for reviewing ways to promote bilateral cooperation.
The fifth Tehran-Abuja joint economic commission will be held in the Nigerian capital city in 2013.
Last month, Iranian President Mahmoud Ahmadinejad and his Nigerian counterpart Goodluck Jonathan, in a telephone conversation, explored avenues for the further expansion of mutual cooperation between the two countries in different fields.
Ahmadinejad's administration has striven hard to maximize relations with the African continent.
Tehran in September 2010 hosted a large number of government and private sector officials from more than 40 African states for a two-day conference called 'Iran-Africa Forum'.
Iran is also an observing member of the AU and has shown an active presence in previous AU summit meetings.
The country is considered as one of the AU's strategic partners along with India, Japan, China, several South American states and Turkey, while Tehran is also believed to be prioritizing promotion of its economic and political ties with the African states.