The Federal Government has expressed concern over the poor levels of trade among West African countries, which remains under 10 percent despite years of regional integration efforts.
Speaking at the West Africa Economic Summit in Abuja on Friday, June 20, Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, called for urgent reforms to break down barriers that continue to fragment African markets.
“Our businesses cannot scale if our markets remain fragmented,” she said, stressing the need to dismantle “both tariff and non-tariff barriers that impede the flow of goods, services, and people.”
Oduwole said Nigeria was playing a leading role in implementing the African Continental Free Trade Area (AfCFTA), adding that the country had recently gazetted a provisional schedule of tariff concessions after receiving presidential approval.
“Nigeria is repositioning itself as a premier destination for long-term investment,” she noted, citing “over $50 billion in tracked investment interest since May 2023.”
The minister urged stakeholders to take decisive steps to reform outdated economic systems and scale up regional trade.
“Nigeria-Africa trade is not just an economic ambition. It is the practical path towards creating better jobs and stronger businesses,” she said.
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“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.”
She also highlighted reforms under President Bola Tinubu’s administration, including subsidy removals, exchange rate unification, and trade facilitation hubs.
“We have moved with speed and courage to implement the most ambitious fiscal, monetary, and trade policy reforms in recent history,” she added.
Addressing the importance of cross-border business expansion, Oduwole stated: “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 including the Nigeria-East and South Africa Air Cargo Corridor, developed in partnership with the UNDP and Uganda Airlines, to support regional exports.
Additionally, she said a digital services survey launched in May now maps Nigeria’s digital economy across 17 sectors, with the goal of shaping better investment and policy decisions.