Hon. Abbas Tajudeen, Speaker of Nigeria’s House of Representatives, indicated that Nigeria could gain $2.5 billion annually from bilateral trade with Morocco if trade barriers are addressed. The current trade percentage sits at 1.88%. Both nations are encouraged to collaborate on legislative solutions and further explore opportunities in banking, telecommunications, and renewable energy sectors.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, highlighted Nigeria’s potential to earn approximately $2.5 billion annually through enhanced bilateral trade with Morocco. This assertion was made during a meeting with stakeholders focused on Nigeria-Morocco trade relations held in Abuja, where he was represented by the Majority Leader, Hon. Julius Ihonvbere. Currently, trade between the two nations stands at a mere 1.88%, which Abbas suggests can increase significantly if trade barriers are removed.
In a statement by his Special Adviser on Media and Publicity, Musa Krishi, Abbas emphasized the importance of critically reviewing trade relations to propose necessary legislative changes. He underscored the readiness to collaborate with ministries, agencies, and corporate entities to dismantle existing trade barriers and leverage opportunities provided by initiatives such as the African Continental Free Trade Area (AfCFTA).
The Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, echoed the Speaker’s sentiments, asserting that the federal government is committed to prioritizing AfCFTA, amidst ongoing reviews regarding double taxation that requires broader stakeholder engagement. She pointed out that while petroleum, agriculture, telecommunications, and financial technology characterize trade between Nigeria and Morocco, there remains substantial room for improvement in trade volumes.
Oduwole also identified potential growth areas, particularly in banking, telecommunications, energy, and renewable energy sectors, emphasizing the importance of establishing direct shipping links between the two countries. The Moroccan Ambassador to Nigeria, Tagma Moha Ou Ali, reinforced the historical ties and collaborative objectives shared by both nations, advocating for enhanced agricultural and industrial cooperation along with closer collaboration between financial institutions to facilitate trade.
In conclusion, there exists a promising opportunity for Nigeria to significantly enhance its annual trade earnings with Morocco. The removal of trade barriers and collaborative efforts among relevant ministries and organizations are essential. Increased trading opportunities, particularly in sectors such as energy and telecommunications, can foster growth and development for both nations while capitalizing on existing historical ties and cooperative goals. With the commitment from both governments, the future of Nigeria-Morocco trade relations appears promising.
Original Source: www.thisdaylive.com
