Nigeria’s Trade With Africa Grows 14% In H1

Nigeria’s trade with other African nations increased by 14% in the first half of the year, following government’s efforts to strengthen regional ties. A Bloomberg report quoting the comptroller-general of the Nigeria Customs Services, Bashir Adeniyi, said trade with the continent increased by ₦600 billion ($415 million) to 4.82 trillion naira in the six months through June. “This is a clear signal of strengthening regional trade momentum,” Bashir said. Nigeria’s exports to members of the Economic Community of West African States, a regional economic bloc, climbed significantly, “reflecting our growing role as a hub for intra-continental trade and value chains,” he said. READ ALSO: FG Calls For Establishment Of Nigerian-Owned Aircraft Leasing Firms The Federal Government has been working to streamline customs processes and improve transport links with neighboring countries, as it seeks to reduce trade bottlenecks that have long restricted intra-African trade, Bashir said. Nigeria’s “concrete” steps toward implementing the African Continental Free Trade Area agreement include introducing tariff concessions and opening a dedicated air-cargo corridor to East Africa, which has cut export costs by about 75%, Industry, Trade, and Investment Minister Jumoke Oduwole said in a separate speech at the event.