Nigeria’s Speaker of the House of Representatives, Hon. Abbas Tajudeen, suggests the nation could earn $2.5 billion annually through improved trade with Morocco. The current trade volume remains low at 1.88% over the last five years. Legislative changes and the removal of barriers are required to bolster this relationship, allowing for enhanced collaboration across various sectors. Morocco’s Ambassador emphasized the importance of financial support and agricultural collaboration between the two countries.
The Speaker of Nigeria’s House of Representatives, Hon. Abbas Tajudeen, has indicated that Nigeria could potentially generate $2.5 billion annually through enhanced trade relations with Morocco. This assertion was presented during a meeting focused on bilateral trade, which was attended by stakeholders in Abuja, and was articulated by Majority Leader Hon. Julius Ihonvbere on behalf of the Speaker.
Abbas highlighted that the current trade percentage between the two nations is stagnant at 1.88 percent over the past five years, suggesting that removing trade barriers could lead to significant increases in both exports and imports. He emphasized the need for legislative changes to optimize trade relations and improve GDP growth for both countries via the African Continental Free Trade Area (AfCFTA) agreements.
The Speaker conveyed readiness to collaborate with various institutions, including the Federal Ministry of Industry, Trade and Investment and the Federal Ministry of Foreign Affairs, to eliminate existing trade barriers. He expressed the willingness of Nigeria’s Parliament to work alongside Morocco’s Parliament to swiftly address legislative concerns affecting trade.
Dr. Olajumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment, supported the Speaker’s claims, reassuring that the government would prioritize the AfCFTA initiative. She also mentioned the need for broader stakeholder involvement in addressing issues such as double taxation.
Trade between Nigeria and Morocco covers vital sectors including petroleum, agriculture, telecommunications, and financial technology. Minister Oduwole urged exploration of opportunities in banking, telecommunications, and renewable energy markets, noting the promise of projects like the trans-Sahara pipeline and the establishment of a direct shipping link.
Morocco’s Ambassador to Nigeria, Tagma Moha Ou Ali, asserted that the historical ties between the two countries are strong, with a call for enhanced agricultural and industrial collaborations. He urged financial institutions from both nations to collaborate closely to bolster trade financing and support growth in trade relations.
The potential for Nigeria to increase its trade revenue with Morocco to $2.5 billion per year highlights the importance of removing trade barriers and enhancing bilateral relations. Collaborative efforts between government ministries and legislative bodies are essential to capitalize on existing agreements. Focus on sectors such as agriculture, telecommunications, and renewable energy presents significant opportunities for both nations. Strengthening these ties ultimately supports economic growth and development.
Original Source: www.thisdaylive.com
