Potential $2.5 Billion Annual Increase in Nigeria-Morocco Trade
The Speaker of the House of Representatives of Nigeria, Hon. Abbas Tajudeen, predicts that Nigeria could earn an additional $2.5 billion annually from trade with Morocco if trade barriers are addressed. Stakeholders highlighted existing trade growth while pointing out the need for further improvement and collaboration across multiple sectors, including agriculture and renewable energy.
Hon. Abbas Tajudeen, Speaker of the House of Representatives, has projected that Nigeria could enhance its annual revenue from trade with Morocco by approximately $2.5 billion. This statement was conveyed by his representative, Hon. Julius Ihonvbere, during a stakeholder meeting focused on Nigeria-Morocco trade relations.
In a statement from his Special Adviser on Media and Publicity, Musa Krishi, Abbas indicated that the trade percentage between Nigeria and Morocco had only slightly risen to 1.88 percent in the past five years. He emphasized that the removal of existing trade barriers could significantly stimulate trade exchanges, improving the flow of exports and imports between both nations.
The Speaker expressed optimism that the discussions would yield critical insights into enhancing trade relations, thus facilitating legislative changes to take full advantage of the African Continental Free Trade Agreement (AfCFTA) and other bilateral agreements aimed at boosting the economies of both countries. He affirmed Nigeria’s readiness to collaborate with various governmental and corporate partners to eliminate trade barriers.
Dr. Olajumoke Oduwole, Minister of Industry, Trade and Investment, confirmed that the Nigerian government is committed to supporting AfCFTA initiatives and addressing double taxation issues through stakeholder intervention. She highlighted the existing trade activities between Nigeria and Morocco in sectors such as petroleum, agriculture, telecommunications, and financial technology, noting potential for further growth in these areas.
The minister also pointed out opportunities for collaboration in banking, telecommunications, and renewable energy, specifically referencing the trans-Sahara pipeline project and establishing direct shipping routes between the countries. However, she acknowledged that certain challenges necessitate the input of additional ministries and agencies.
Ambassador Tagma Moha Ou Ali of Morocco remarked on the historical ties and mutual aspirations between Nigeria and Morocco. He highlighted the progress made in trade between the two nations and emphasized the need to enhance agricultural and industrial cooperation. He further urged financial institutions from both countries to collaborate closely to support trade endeavors.
The dialogue between Nigeria and Morocco, as articulated by Speaker Abbas and Minister Oduwole, underscores a commitment to fostering enhanced trade relations that could yield significant economic benefits. The call to remove trade barriers and increase cooperation across various sectors marks a pivotal step towards realizing the full potential of bilateral trade and benefiting both nations.
Original Source: www.thisdaylive.com
