Nigeria Can Achieve $2.5bn Annual Earnings from Morocco Trade, Says Abbas

Hon. Abbas Tajudeen highlighted Nigeria’s potential to earn $2.5 billion annually from trade with Morocco during a stakeholder meeting. Current trade levels stand at 1.88 percent, with a call for the removal of trade barriers to enhance exports and imports. Minister Dr. Olajumoke Oduwole reinforced the need for government prioritization of AfCFTA and addressed double taxation issues. Collaboration in agriculture and renewable energy sectors was emphasized by both leaders and ambassadors.

Hon. Abbas Tajudeen, the Speaker of the House of Representatives, has indicated that Nigeria has the potential to earn approximately $2.5 billion annually through enhanced bilateral trade with Morocco. This information was shared during a stakeholder meeting focused on Nigeria-Morocco trade relations, conducted in his office and represented by Majority Leader, Hon. Julius Ihonvbere.

According to a statement from Abbas’s Special Adviser, Musa Krishi, the trade percentage between Nigeria and Morocco has only marginally increased to 1.88 percent over the past five years. Abbas emphasized that the removal of trade barriers would likely enhance commercial activities through increased exports and imports between the two nations.

He anticipates that discussions will critically assess the trade relations to recommend legislative changes that could foster improved commerce, allowing businesses to leverage the African Continental Free Trade Area (AfCFTA) and other trade agreements to bolster the GDPs of both nations. Abbas affirmed a commitment to collaborate with the Federal Ministry of Industry, Trade and Investment and other relevant bodies to eliminate trade barriers.

Dr. Olajumoke Oduwole, the Minister of Industry, Trade and Investment, reiterated the importance of the AfCFTA, confirming support from the Finance Minister, Dr. Wale Edun, to prioritize its implementation. She highlighted the need for more stakeholder involvement in addressing the issue of double taxation, which is currently under review.

Trade between Nigeria and Morocco primarily centers on petroleum, agriculture, telecommunications, and financial technology, with significant opportunities for further development in sectors such as banking, telecoms, and green/renewable energy, as well as initiatives like the trans-Sahara pipeline project. Oduwole underscored the establishment of a direct shipping route between the two countries as a potential avenue for growth.

Moroccan Ambassador to Nigeria, Tagma Moha Ou Ali, spoke to the historical ties and shared objectives between Morocco and Nigeria, acknowledging the progress made in trade. He emphasized the need to enhance cooperation in agriculture and industry and urged financial institutions in both countries to collaborate more closely to facilitate trade financing.

In conclusion, the discussions on enhancing Nigeria-Morocco trade relations reveal significant potential for increased earnings, with a target of $2.5 billion annually. The removal of trade barriers and legislative support are crucial for fostering bilateral trade. Furthermore, the commitment from both nations to explore opportunities across various sectors underscores the importance of collaboration in achieving mutual economic growth.

Original Source: www.thisdaylive.com