The Federal Government has decried the low levels of intra-African trade, particularly within West Africa “where trade among countries remains under 10 percent,” despite decades of integration initiatives.
The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, stated this at the West Africa Economic Summit held in Abuja on Friday.
“Our businesses cannot scale if our markets remain fragmented,” she warned, calling for the dismantling of “both tariff and non-tariff barriers that impede the flow of goods, services, and people.”
Oduwole emphasised Nigeria’s leadership role in implementing the African Continental Free Trade Area framework, revealing that the country had recently gazetted a provisional schedule of tariff concessions following presidential approval.
“Nigeria is repositioning itself as a premier destination for long-term investment,” she said, citing over “$50 billion in tracked investment interest since May 2023.”
The minister underscored the urgency of scaling intra-regional trade and reforming outdated economic frameworks across the subregion.
“Nigeria-Africa trade is not just an economic ambition. It is the practical path towards creating better jobs and stronger businesses.
“This is more than just a conference. It is a sign that we are ready to take greater ownership of our own growth, to invest in ourselves, to shape our own agenda, and work together with purpose and clarity,” the minister told delegates.
Highlighting reforms undertaken under President Bola Tinubu, she noted, “We have moved with speed and courage to implement the most ambitious fiscal, monetary, and trade policy reforms in recent history.”
These include subsidy removals, exchange rate unification, and trade facilitation hubs meant to strengthen the country’s competitiveness.
In a nod to the private sector, Oduwole declared, “We must support businesses not only to survive but to grow across borders.
That means investing in infrastructure, ports, logistics corridors, and digital platforms that power seamless trade.”
She also announced new initiatives, such as the Nigeria East and South Africa Air Cargo Corridor, launched in collaboration with the UNDP and Uganda Airlines to boost regional exports.
A digital services survey, mapping Nigeria’s digital economy across 17 sectors, was also launched in May to drive policy and investment strategies.
Following the Trade minister’s address, the Minister of State for Foreign Affairs,
Ambassador Bianca Odumegwu-Ojukwu, described the summit as a defining moment in West Africa’s journey toward economic transformation.
As West Africans, we share a deep-rooted demographic and economic history shaped by regional mobility and trade.
This gathering is a landmark event. It is a bold affirmation of our region’s collective will to deepen economic cooperation, unlock our immense trade and investment potential, and craft a future of shared prosperity for the people of West Africa,” Odumegwu-Ojukwu said.
Describing the West Africa Economic Summit as a “platform of purpose,” she emphasised its role in aligning policy with enterprise, and innovation with leadership.
“Let this summit not be just another meeting but a turning point.
“A moment of collective resolve to translate potential into prosperity,” she urged.
The minister reiterated Nigeria’s commitment to inclusive, region-wide collaboration, stressing that “our nations have long engaged not merely as neighbors but as sisters, brothers, and comrades.”
Highlighting the strength of West African industries in banking, agriculture, and digital services, she added, “We are not here to debate how to build industries. We have shown that we can lead.”
Odumegwu-Ojukwu called for “far-sighted integration policies and reforms that reinforce our economic sovereignty,” while reaffirming the government’s dedication to unlocking cross-border investment and cooperation.
