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The federal government has increased the alarm about the continuous level of trade among West African countries, mourning that although there are several decades of regional integration efforts, intra-African trade continues to misery below 10 percent.
Speaking at the West African Economy Summit in Abuja on Friday, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, describes a serious picture of a fragmented market and unused opportunities in the region.
“Our business can not be scale if our market remains fragmented,” he warned. “We must dismantle the tariff and non-tariff obstacles that hamper the flow of goods, services, and people.”
Oduwole emphasized Nigeria’s new commitment to Pan-African economic integration through the African Continental Free Trade area (AFCFTA).
According to him, Nigeria has made a significant step, including the new betrayal about the temporary schedule of the tariff concession after the President’s approval. This is a step that he described as a concrete step towards deeper trade cooperation.
“Nigeria positions itself as the main goal for long -term investment,” he said, quoting more than $ 50 billion in investment interest which was traced since May 2023. “This is not just about trade statistics. This is about work, about stronger businesses, and about creating prosperity that exceeds the limits.”
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His statement came when Nigeria experienced broad economic reform under the administration of the President of Bola Ahmed Tinubu. This includes the elimination of fuel subsidies, the unification of exchange rates, and the formation of trade facilitation centers, all aims to increase Nigerian competitiveness and reduce the cost of doing business.
“We have moved at the speed and courage to implement the most ambitious fiscal, monetary and trade policies in this new history,” Oduwole told delegates, which included many policy makers, business leaders, and development partners.
Outside of rhetoric, the Minister launched a number of practical initiatives intended to exhale life into regional trade. One of these initiatives is the Nigerian-East and South African air cargo corridors, which were developed in partnerships with the UN Development Program (UNDP) and Uganda Airlines. This corridor is designed to increase Nigerian export capacity and facilitate logistics congestion.
With a nod of the increasingly important digital economy, he also announced the completion of a digital service survey, mapping 17 sectors in Nigeria’s digital landscape to inform policies and guide strategic investments.
Oduwole tone is an urgency but also optimism. “This is more than just a conference. This is a sign that we are ready to take greater ownership of our own growth to invest in ourselves, to form our own agenda, and to work together with goals and clarity.”
He asked the government in all sub -regions to adopt brave reforms and invest in infrastructure that activate trade from modern ports and logistics corridors to digital platforms that provide smooth trade.
“We must support business not only to survive, but to grow traffic,” he said. “That is the only way we will reach the scale needed to lift millions of poverty and towards prosperity.”
