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Nigeria trade with other Africa nations grew 14% in the first half of the year, after the government strengthened regional ties, the country’s head of customs said.
Trade with the continent increased by N600 billion ($415 million) to N4.82 trillion in the six months through June, Bashir Adewale Adeniyi, the comptroller-general of the Nigeria Customs Services, said at a conference in the capital, Abuja, on Monday.
“This is a clear signal of strengthening regional trade momentum,” Bashir said. Nigeria’s exports to members of the Economic Community of West African States, a regional economic bloc, climbed significantly, “reflecting our growing role as a hub for intra-continental trade and value chains,” he said.
The Nigerian government has been working to streamline customs processes and improve transport links with neighboring countries, as it seeks to reduce trade bottlenecks that have long restricted intra-African trade, Bashir said.
Nigeria’s “concrete” steps toward implementing the African Continental Free Trade Area agreement include introducing tariff concessions and opening a dedicated air-cargo corridor to East Africa that has cut export costs by about 75%, Industry, Trade and Investment Minister Jumoke Oduwole said in a separate speech at the event.
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