Hon. Abbas Tajudeen indicated Nigeria could earn $2.5 billion annually from trade with Morocco. Stakeholder discussions emphasized the removal of trade barriers and legislative changes to enhance partnerships, particularly in various sectors including agriculture and renewable energy. The Moroccan Ambassador discussed historical ties and urged financial cooperation to support trade.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has highlighted that Nigeria could potentially increase its annual earnings from trade with Morocco to approximately $2.5 billion. This announcement was made during a meeting with stakeholders focused on Nigeria-Morocco trade relations, where Abbas was represented by the Majority Leader, Hon. Julius Ihonvbere.
According to a statement from Abbas’ Special Adviser on Media and Publicity, Musa Krishi, the trade percentage between Nigeria and Morocco has slightly risen to 1.88 percent over the past five years. Abbas emphasized that removing trade barriers could significantly enhance trade interactions, leading to increased exports and imports between the nations.
Abbas conveyed hopes that the discussions would provide a comprehensive review of the trade relations to suggest necessary legislative changes aimed at maximizing the benefits from regional trade agreements, such as the African Continental Free Trade Area (AfCFTA). He expressed readiness to collaborate with various government ministries and Moroccan Parliament counterparts to resolve legislative concerns swiftly.
Dr. Olajumoke Oduwole, the Minister of Industry, Trade, and Investment, assured that the federal government would prioritize AfCFTA implementation, referencing the Minister of Finance’s support for this initiative. She addressed the double taxation issue currently under review, emphasizing the need for broader stakeholder involvement.
The Nigeria-Morocco trade primarily encompasses sectors such as petroleum, agriculture, telecommunications, and financial technology. Oduwole highlighted potential growth areas, particularly in banking, telecommunications, and renewable energy sectors, including the trans-Sahara pipeline project and proposed direct shipping connections between the two countries.
Ambassador Tagma Moha Ou Ali of Morocco remarked on the historical ties between Morocco and Nigeria and the progress in trade relations. He emphasized the necessity to strengthen agricultural and industrial collaboration and urged financial institutions from both nations to work in tandem to bolster trade financing.
In conclusion, Nigeria stands to significantly benefit from enhanced trade relations with Morocco, with potential annual earnings reaching $2.5 billion. Addressing trade barriers, exploring new sectors, and fostering legislative cooperation are critical for enhancing bilateral trade. Both nations recognize the importance of collaborative efforts across various sectors to fully realize trade potential.
Original Source: www.thisdaylive.com
