Nigeria Reaffirms Commitment to Stronger Trade Collaboration in West Africa

Nigeria Reaffirms Commitment to Stronger Trade Collaboration in West Africa

JOEL OLADELE, Abuja

The Federal Government of Nigeria has reffirirned its commitment to enhancing trade collaboration across West Africa.

This was disclosed yesterday by the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, at the ongoing two-day West Africa Economic Summit (WAES) 2025 held in Abuja.

Odumegwu-Ojukwu, in her welcome address emphasized the importance of regional unity in unlocking the immense trade and investment potential of West Africa.

“As West Africans, we share a deep-rooted demographic and economic history shaped by regional mobility and trade.

“This gathering is a landmark moment, a bold affirmation of our region’s collective will to deepen economic cooperation and craft a future of shared prosperity for the peoples of West Africa,” Odumegwu-Ojukwu said.

She highlighted that WAES is more than just a summit; it is a “platform of purpose where policy meets enterprise, where leadership engages innovation, and where West Africa speaks with one voice on the promise of regional integration.”

The Ambassador further noted that West African industries have already demonstrated their strength through significant achievements in various sectors, including banking, digital services, and agriculture.

“We are not here to debate how to build industries; we have shown that we can lead and scale sectors to meet regional demands and enrich global markets,” she asserted.

She called for a collective effort to safeguard the regional bloc and drive the expansion of industries through integration policies that reinforce economic sovereignty.

Following her address, the Minister of Trade, Industry, and Investment, Dr. Olajumoke Oduwole, in her keynote speech addressed the pressing issue of non-tariff barriers (NTBs) that currently limit intra-West African trade, which stands at less than 10% of the region’s total trade.

““Breaking down the tariff and non-tariff barriers that continue to choke the movement of goods, services, and people. Intra-African trade accounts for under 20% of Africa’s total trade, compared to 58% in Asia and 67% in Europe.

“In West Africa specifically, trade among countries remains under 10%, despite shared borders, language clusters, decades of integration efforts, and initiatives such as the ETLS and the ECOWASCET,” Oduwole said.

The Minister pointed out that while Africa is the youngest and most resource-rich continent, it remains in the early stages of development in infrastructure and industrial systems.

“The time for a truly integrated West African marketplace is now,” she declared, urging for harmonization of product standards and alignment of customs procedures to facilitate seamless trade.

She also reaffirmed Nigeria’s commitment to the ECOWAS Trade Liberalization Scheme and the African Continental Free Trade Area (AFCFTA).

She stated the recent fiscal and monetary reforms that have begun to yield positive results, including Nigeria’s upgraded sovereign credit ratings and increased investor interest.

“We are fully committed to working with member states and neighbors to accelerate the implementation of preferential tariff regimes,” she reaffirmed.

The two-day WAES 2025 summit brings together regional leaders, policymakers, and top business executives to deliberate on strategies to address pressing economic challenges and unlock new opportunities across West Africa.

As the summit progresses, the call for stronger trade collaboration and the removal of non-tariff barriers resonates strongly, underscoring the urgent need for collective action to enhance regional trade and investment.