By Seun Ibiyemi
The Federal Government of Nigeria, through the Speaker of the House of Representatives, Hon. Abbas Tajudeen, has highlighted the potential for trade relations between Nigeria and the Kingdom of Morocco to generate as much as $2.5 billion annually.
Speaking through the House Leader, Prof. Julius Ihonvbere, during a meeting with stakeholders on Nigeria-Morocco trade relations, the Speaker noted that trade between the two nations had seen only a marginal increase to 1.88 per cent over the past five years.
Abbas expressed optimism that the discussions would lead to a comprehensive review of trade relations and facilitate legislative recommendations necessary for strengthening economic ties. He stressed the importance of ensuring that businesses in both countries take full advantage of AfCFTA (African Continental Free Trade Area) and other bilateral agreements to boost GDP and economic growth.
“We are prepared to collaborate with the Federal Ministry of Industry, Trade and Investment, the Federal Ministry of Foreign Affairs, and other key institutions, agencies, and corporate organisations to eliminate trade barriers,” Abbas stated.
Furthermore, he reaffirmed the commitment of the House of Representatives to working closely with Morocco’s Parliament through the Parliamentary Friendship Group with Morocco, in order to swiftly address legislative hurdles that may impede trade.
The Speaker emphasised that a key component of the House’s legislative agenda is to engage stakeholders in discussions that will help shape policies geared towards economic diversification. He highlighted the need to reduce dependence on oil and enhance growth in sectors such as mineral resource mining, manufacturing, agro-processing, textiles, tourism, technology, and general services.
Abbas noted that the meeting aimed to foster stronger trade relations between Nigeria and Morocco. He shared insights from his interactions with Nigerian entrepreneurs in Morocco and Moroccan business leaders eager to invest in Nigeria.
One Nigerian company, Spectre Trans-Trade Global, submitted a request to the House of Representatives to help resolve trade barriers between the two countries. This request emerged from the Nigeria-Morocco Business Week Investment Summit held in Casablanca from 29th to 31st October 2024.
The company called for the activation of the AfCFTA framework between Nigeria and Morocco, the implementation of a double taxation avoidance treaty, the establishment of a direct sea trade route, and the enforcement of existing bilateral trade agreements.
“This meeting, taking place a month after those high-level discussions, underscores the commitment of both nations to fostering mutually beneficial trade and economic partnerships,” Abbas added.
The Minister of Industry, Trade, and Investment, Dr Olajumoke Oduwole, assured stakeholders that the Federal Government of Nigeria remains committed to prioritising AfCFTA. She confirmed that the Minister of Finance and Coordinating Minister of the Economy, Dr Wale Edun, had pledged to support initiatives aimed at enhancing trade relations.
Oduwole acknowledged that while Nigeria and Morocco already trade in sectors such as petroleum, agriculture, telecommunications, and financial technology, there remains significant room for expansion.
She stressed that both countries could explore new opportunities in banking, telecoms, and renewable energy, particularly in relation to the trans-Saharan gas pipeline project and the development of green energy solutions. The Minister also highlighted the potential for a direct shipping route between Nigeria and Morocco to further facilitate trade.
However, she noted that some trade challenges extend beyond her ministry’s jurisdiction and would require the involvement of other relevant government ministries, departments, and agencies.
The Moroccan Ambassador to Nigeria, Tagma Moha Ou Ali, reaffirmed the strong historical ties between the two nations and recognised the steady progress in trade relations over recent years.
He emphasised the importance of continental trade integration and urged Nigeria and Morocco to work together to eliminate existing trade barriers.
“We must strengthen agricultural and industrial collaborations between our nations,” the Ambassador stated, calling on financial institutions in both countries to enhance partnerships that would provide financial support for businesses engaged in cross-border trade.
Ambassador Ali assured that Morocco remains committed to fostering economic policies that will benefit both nations, reinforcing the shared vision of a more prosperous and interconnected African economy.