Speaker Abbas Tajudeen indicated that Nigeria could earn $2.5 billion yearly from trade with Morocco, which currently stands at 1.88%. He urged for the removal of trade barriers and enhanced collaboration among stakeholders to maximize the potential of various sectors and trade agreements like AfCFTA.
Hon. Abbas Tajudeen, Speaker of Nigeria’s House of Representatives, announced that Nigeria could potentially earn $2.5 billion annually from trade with Morocco. Speaking at a recent meeting with stakeholders regarding Nigeria-Morocco trade relations, he emphasized the necessity to enhance bilateral trade significantly, which has only marginally increased to 1.88% in the past five years.
Abbas stated that removing trade barriers would facilitate increased exports and imports, thereby enhancing trade relations between both nations. He expects this meeting to lead to legislative recommendations to improve trade relations and better utilize the African Continental Free Trade Area (AfCFTA) and other agreements to stimulate economic growth.
Collaborating with various governmental and private entities is also a priority. Abbas expressed readiness to work alongside the Federal Ministry of Industry, Trade and Investment and engage with Moroccan parliament members to address necessary legislative changes.
Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, emphasized the government’s commitment to prioritizing AfCFTA. She pointed out the need to tackle double taxation with input from stakeholders, while also highlighting that trade primarily centers around sectors such as petroleum, agriculture, telecommunications, and financial technology.
Oduwole noted that there is potential for growth in banking, telecoms, and energy, particularly in renewable energy initiatives and the trans-Sahara pipeline project, and proposed establishing a direct shipping link between Nigeria and Morocco.
Moroccan Ambassador to Nigeria, Tagma Moha Ou Ali, remarked on the historical ties and mutual objectives shared by the two nations. He encouraged enhancing agriculture and industrial collaboration and urged financial institutions in both countries to facilitate trade through financial support.
In conclusion, Nigeria is positioned to enhance its bilateral trade with Morocco, potentially generating $2.5 billion annually. Key stakeholders emphasize the need to eliminate trade barriers, explore growth opportunities in key sectors, and foster legislative changes to fully leverage trade agreements. Collaboration between various ministries and financial institutions is essential to achieve these goals and strengthen economic ties between the two nations.
Original Source: www.thisdaylive.com
