Nigeria’s trade with other African nations has seen a significant increase of 14% in the first half of the year. According to a report by Bloomberg, this growth is attributed to the government’s efforts to strengthen regional ties. The Nigeria Customs Services reported an increase of ₦600 billion ($415 million) in trade with the continent, reaching 4.82 trillion naira in the six months through June.
Bashir Adeniyi, comptroller-general of the Nigeria Customs Services, noted that this increase is a clear indication of the strengthening regional trade momentum. Nigeria’s exports to members of the Economic Community of West African States have climbed significantly, reflecting the country’s growing role as a hub for intra-continental trade and value chains.
The Federal Government has been working to streamline customs processes and improve transport links with neighboring countries to reduce trade bottlenecks that have long restricted intra-African trade. Measures include introducing tariff concessions and opening a dedicated air-cargo corridor to East Africa, which has resulted in a 75% reduction in export costs, according to Industry, Trade, and Investment Minister Jumoke Oduwole.
The implementation of the African Continental Free Trade Area agreement has been a key focus for Nigeria, with the government taking concrete steps to facilitate trade within the continent. These efforts aim to increase economic cooperation and reduce barriers to trade among African nations. As Nigeria continues to strengthen its regional ties, the country is poised to play a significant role in promoting intra-African trade and economic growth.
The growth in Nigeria’s trade with other African nations highlights the potential for increased economic cooperation and development within the continent. As the country continues to work towards reducing trade bottlenecks and implementing regional trade agreements, it is likely that trade within the continent will continue to increase. With its strategic location and growing economy, Nigeria is well-positioned to serve as a hub for intra-continental trade and value chains, driving economic growth and development in the region.