Nigeria backs $2tn commonwealth trade initiative to boost economic ties
Nigeria has joined fellow Commonwealth countries in launching a $2 trillion trade initiative aimed at strengthening economic collaboration, enhancing resilience, and fostering sustainable growth among member states.This was revealed in a statement released on Monday by Mohammed Manga, the Director of Information and Public Relations at the Federal Ministry of Finance.
The statement indicated that this initiative was a central topic during discussions at the high-level Commonwealth Finance Ministers’ meeting that took place alongside the World Bank and International Monetary Fund Annual Meetings in Washington, D.C.
The Commonwealth Secretariat highlighted that intra-Commonwealth trade is, on average, 21% more affordable than trade with countries outside the organization, thanks to shared languages, legal systems, and institutional frameworks that reduce transaction costs.
It also estimated that trade among member countries could hit $2 trillion by 2030 with sufficient investments in connectivity, trade facilitation, and innovation efforts.
During the discussions, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, reiterated the nation’s dedication to progressing the Commonwealth’s development agenda. She called for increased funding to support poverty alleviation, job creation, and sustainable economic transformation among member nations.
“With a united approach and resolve, the Commonwealth countries are poised to secure a better economic future, fostering growth, prosperity, and improved living standards for millions across the Commonwealth,” stated Manga.
In June, Commonwealth Secretary-General Hon. Shirley Ayorkor Botchwey reaffirmed at the Commonwealth Trade Ministers’ Meeting in Windhoek, Namibia, that the organization is dedicated to harnessing the full potential of trade and investment within the Commonwealth. She stressed the strategic goal of boosting intra-Commonwealth trade to $2 trillion by 2030.
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