Nigeria Backs $2 Trillion Commonwealth Trade Vision at IMF/World Bank Meetings

Nigeria Backs $2 Trillion Commonwealth Trade Vision at IMF/World Bank Meetings

JOEL OLADELE, Abuja

With intra-Commonwealth trade projected to hit $2 trillion by 2030, Nigeria has joined other member nations in driving a bold new agenda for shared prosperity and economic resilience.

The move came as Finance Ministers from across the Commonwealth convened on the sidelines of the World Bank and IMF Annual Meetings in Washington D.C. to discuss strategies for boosting trade, infrastructure, and sustainable growth.

Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, represented the country at the high-level forum, reaffirming Nigeria’s commitment to the Commonwealth’s collective drive for inclusive development.

According to the Commonwealth Secretariat, trade among member states remains a key growth engine, with intra-Commonwealth transactions averaging 21% cheaper than global trade. This cost advantage, the Secretariat noted, positions the bloc as a dynamic force for future economic expansion.

Dr. Uzoka-Anite, speaking at the meeting, called for increased funding for the Commonwealth’s development agenda, stressing the need to channel investments into infrastructure, innovation, and human capital to lift millions out of poverty and build stronger economies.

“The Commonwealth represents a unique platform for cooperation and progress,” she said. “Nigeria is committed to working with partner nations to strengthen our shared economic future and ensure prosperity for all.”

The ministers agreed to intensify efforts to enhance trade integration, promote sustainable finance, and deepen collaboration across sectors. They also highlighted the importance of leveraging technology and innovation to support job creation and economic diversification.

In a joint communiqué, the Finance Ministers expressed optimism that with collective action and determination, Commonwealth nations would achieve a brighter, more inclusive economic future.