The Speaker of the House of Representatives, Hon. Abbas Tajudeen, highlighted that Nigeria could generate $2.5 billion annually through trade with Morocco. Current trade stands at 1.88%. The removal of trade barriers is essential for growth, with plans for legislative changes. Opportunities in various sectors, including renewable energy and agriculture, were noted. Two-way cooperation between financial institutions is encouraged to bolster trade finance.
Hon. Abbas Tajudeen, the Speaker of the House of Representatives, suggested that Nigeria could potentially increase its annual earnings from bilateral trade with Morocco to approximately $2.5 billion. This information was relayed through Hon. Julius Ihonvbere at a recent stakeholder meeting focusing on trade relations between Nigeria and Morocco. According to Abbas, the current trade percentage between the two nations has only reached 1.88 percent in the past five years, highlighting the need for improvement.
Abbas emphasized that removing trade barriers is crucial for enhancing exports and imports between Nigeria and Morocco. He expressed hopes that the meeting would yield significant recommendations for legislative changes necessary to bolster trade relations, allowing both countries to fully benefit from the African Continental Free Trade Area (AfCFTA) and other trade agreements, thus growing their Gross Domestic Product (GDP).
Abbas is committed to collaborating with various institutions, including the Federal Ministry of Industry, Trade and Investment, and the Ministry of Foreign Affairs, to eradicate trade obstacles. Additionally, he mentioned the intention to cooperate with Moroccan parliamentary counterparts through the Parliamentary Friendship Group to address legislative issues swiftly.
Dr. Olajumoke Oduwole, the Minister of Industry, Trade and Investment, supports this initiative, noting that the federal government prioritizes the AfCFTA as per assurances from Dr. Wale Edun, the Minister of Finance. She acknowledged the necessity for broader stakeholder engagement to examine issues such as double taxation.
Trade relations currently focus on petroleum, agriculture, telecommunications, and financial technology, although Oduwole asserts there remains significant room for expansion, especially in banking, telecommunications, and renewable energy markets, as well as the trans-Sahara pipeline project. She also raised the possibility of establishing a direct shipping link between Nigeria and Morocco.
The Ambassador of Morocco to Nigeria, Tagma Moha Ou Ali, remarked on the historical ties and shared objectives between the two nations, highlighting the recent positive trends in trade. He advocated for enhanced collaboration in agriculture and industry while urging financial institutions from both countries to work together to facilitate trade finance.
In conclusion, the potential for Nigeria to elevate its trade earnings with Morocco to $2.5 billion annually has been underscored by key officials. The emphasis on removing trade barriers and legislative cooperation is pivotal for enhancing bilateral trade relations. The focus on sectors such as agriculture, telecommunications, and green energy presents substantial opportunities for both nations, affirming their dedication to fostering a stronger trade partnership.
Original Source: www.thisdaylive.com
