The Federal Government has raised an alarm over the persistently low levels of trade among West African nations, lamenting that despite decades of regional integration efforts, intra-African trade continues to languish below 10 percent.
Speaking at the West Africa Economic Summit in Abuja on Friday, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, painted a sobering picture of fragmented markets and underutilised opportunities in the region.
“Our businesses cannot scale if our markets remain fragmented,” she warned. “We must dismantle both tariff and non-tariff barriers that impede the flow of goods, services, and people.”
Oduwole emphasized Nigeria’s renewed commitment to pan-African economic integration through the African Continental Free Trade Area (AfCFTA).
According to her, Nigeria has made significant strides, including the recent gazetting of a provisional schedule of tariff concessions following presidential approval. This is a move she described as a concrete step toward deeper trade cooperation.
“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. “This is not just about trade statistics. It’s about jobs, about stronger businesses, and about creating prosperity that transcends borders.”
Her remarks come at a time when Nigeria is undergoing sweeping economic reforms under the administration of President Bola Ahmed Tinubu. These include the removal of fuel subsidies, unification of exchange rates, and the establishment of trade facilitation hubs, all aimed at improving Nigeria’s competitiveness and easing the cost of doing business.
“We have moved with speed and courage to implement the most ambitious fiscal, monetary, and trade policy reforms in recent history,” Oduwole told delegates, many of whom included policymakers, business leaders, and development partners.
Beyond the rhetoric, the Minister unveiled a number of practical initiatives meant to breathe life into regional trade. One such initiative is the Nigeria-East and South Africa Air Cargo Corridor, developed in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines. The corridor is designed to improve Nigeria’s export capacity and ease logistical bottlenecks.
In a nod to the growing importance of the digital economy, she also announced the completion of a digital services survey, mapping 17 sectors within Nigeria’s digital landscape to inform policy and guide strategic investments.
Oduwole’s tone throughout was one of urgency but also optimism. “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 to work together with purpose and clarity.”
She called on governments across the subregion to adopt bold reforms and invest in trade-enabling infrastructure from modern ports and logistics corridors to digital platforms that power seamless commerce.
“We must support businesses not only to survive, but to grow across borders,” she declared. “That is the only way we will achieve the scale needed to lift millions out of poverty and into prosperity.”
