Nigeria has joined other Commonwealth nations in a push to unlock a $2 trillion trade agenda aimed at deepening economic ties, strengthening resilience, and fostering sustainable growth across member countries.
This was contained in a statement signed by Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, FCAI on Monday.
According to the statement, the initiative was a key highlight at a high-level meeting of Commonwealth Finance Ministers held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings in Washington D.C.
According to the Commonwealth Secretariat, intra-Commonwealth trade is, on average, 21% cheaper than trade with non-member countries, largely due to shared language, legal systems, and institutional frameworks that reduce transaction costs.
The Secretariat projects that trade among member nations could grow to $2 trillion by 2030, provided the right investments are made in connectivity, trade facilitation, and innovation.
Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, speaking during the discussions, emphasized Nigeria’s commitment to supporting the Commonwealth’s development agenda and called for increased funding to accelerate progress toward poverty reduction, job creation, and sustainable economic transformation.
“With collective action and determination, the Commonwealth nations are set to achieve a brighter economic future, driving growth, prosperity, and improved livelihoods for millions across the Commonwealth of nations,” Manga stated.
In June, the Commonwealth Secretary-General, Hon. Shirley Ayorkor Botchwey, during her remarks at the Commonwealth Trade Ministers’ Meeting in Windhoek, Namibia, reaffirmed that the organisation’s core agenda is to unlock the full potential of Commonwealth trade and investment, with a strategic goal to increase intra-Commonwealth trade to $2 trillion by 2030.
He also called for greater trade relations between members of the Commonwealth.
According to him, Commonwealth countries could import fresh produce such as coffee from African countries at preferential rates and in return set up processing factories here in Africa thereby creating jobs and enhancing local economies.