Nigeria, Benin, Cameroon meet to deepen, refine trading mechanisms
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Nigeria, the Republic of Benin and Cameroon have demonstrated commitment to deepen and strengthen trading mechanisms to boost economic growth across their countries.
Amb. Nura Rimi, Permanent Secretary, Ministry of Industry, Trade and Investment, said this at a Technical Workshop, on “Support to Trade Cooperation among Nigeria, Republic of Benin and Cameroun,’’ in Abuja on Thursday.
Rimi, who was represented by Mr. Mohammed Abbas, Director Overseeing the Office of the Permanent Secretary, said that the three countries already have close relationships.
He said that Nigeria was committed to scaling up intra-African trade, especially the full and beneficial implementation of the African Continental Free Trade Area (AfCFTA).
According to him, in these times wherein the global trade architecture is being tested, Nigeria is committed to scaling up intra-African trade, especially the full and beneficial implementation of the AfCFTA.
“Trade among us presents a unique and strategic pathway to shared prosperity. With our partners in the Republic of Benin and Cameroon, we have close and familial relationships.
“We not only share borders, but cultures and people. Accordingly, with the African Development Bank (AfDB), we have convened this workshop to jointly reflect on opportunities to deepen and refine our trading mechanisms,’’ he said.
Rimi said that the meeting would lead to concrete, decisive and transformational initiatives that would attract significant enabling investments.
According to him, the ministry is assured that we will continue to collaborate extensively, as Nigeria spearheads the initiatives on intra-regional trade.
He noted that the initiatives should build upon the experiences of trading with each other, adding that the countries should be guided by a vision of deeper and more efficient cooperation, for the benefit of all the peoples.
He thanked the delegates from Cameroon, the Republic of Benin, and the AfDB for their commitment to ensuring effective cooperation that would yield positive results.
Dr. Abdul Kamara, Director-General of the Nigeria Department Office (AfDB), stated that the meeting aligned with continental priorities of deepening trade integration, accelerating the development of trade-enabling infrastructure, and policy harmonization.
Kamara commended Nigeria and the Republic of Benin for the progress achieved in their ongoing trade negotiations.
He said that the efforts were expected to enhance economic cooperation and boost trade volumes between the two countries under the ECOWAS Trade Liberalisation Scheme (ETLS) and intra-regional trade flows.
“The Bank also applauds the Republic of Benin for its leadership in regional integration.
He noted that the recent expansion of port infrastructure strategically positioned the country as a trade-facilitating gateway for intra-African trade.
The director-general, however, urged Benin to consider ratifying the AfCFTA agreement to consolidate and expand its regional integration gains and unlock market opportunities for ‘made in Benin’ goods and services.
He also congratulated the Republic of Cameroon for its active engagement in implementing the AfCFTA and the proactive steps taken to expand trade beyond the Central African regional block.
“Through its participation in the AfCFTA’s Guided Trade Initiative and the strengthening of trade ties with Nigeria and Benin, Cameroon is helping to unlock the potential of cross-regional trade.
“The cross-regional trade which is between the West and Central Africa is demonstrating the value proposition of the AfCFTA,’’ he said.
Kamara said that the Bank’s support for the workshop aligned with its Ten-Year Strategy (2024-2033) and its ‘High 5’ operational priorities, particularly the ‘Integrate Africa’ High 5.
He said that the Bank remained committed to supporting its Regional Member Countries in achieving their regional integration goals and ensuring they benefit from it.
“To date, the Bank has invested more than 55 billion dollars in trade-enabling infrastructure.
“The bank will continue to support programmes and initiatives that enhance the meaningful participation of women and young people in the African market, thus ensuring an inclusive continental market.
“It is our hope that this strategic engagement will culminate in the development and submission of a joint project proposal by the three countries under the Regional Operations Envelope (ROE).
“A regional operation that will unlock market opportunities, enhance trade between the West and Central Africa and promote a coordinated approach to the implementation of regional trade agreements and the AfCFTA,’’ he said.
The director-general was represented by Ometere Omoluabi-Davies, Regional Integration Coordinator, Nigeria, AfDB.
Speaking, Dr Fousseni Mama, Director of Foreign Trade, Ministry of Industry and Trade, Republic of Benin, said that the essence of the meeting was to move the AFCFT from a paper state into a concrete action.
Mama said that the effort was to ensure that the benefits enshrined in the piece of paper were being translated into the daily lives of citizens across the continent.
He, however, thanked the three countries and the AfDB for making the workshop a reality.
“We are expecting that the meeting will yield a tangible outcome that will boost the trading mechanism across the continent.”
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