Nigerian States Urged To Embrace Intra-African Trade As Delta State Leads The Way

Warri, Delta State – State governments across Nigeria have been urged to forge stronger trade and investment partnerships with African nations to boost economic growth and improve the welfare of their citizens.

This call came from Mr. Ben Gbade Ojo, President of the Nigeria-Namibia Chamber of Commerce, during the Namibia-Delta State Trade and Investment Summit held in Warri.

Ojo, in his presentation titled “Unlocking New Trade and Investment Opportunities between Namibia and Nigeria,” highlighted the significant untapped potential of intra-African trade.

He lamented the current low level of trade among African nations, standing at approximately 13%, compared to significantly higher rates in regions like Europe (60%), North America (40%), and ASEAN (30%).

He attributed this low level to a failure to fully harness economic synergies and complementarities across the continent.

“Trade is a powerful engine for economic growth and development,” Ojo emphasized. “Many regions have used trade to lift their people out of poverty, but Africa has yet to fully utilise this potential.”

He stressed that increased intra-African trade would foster the development of regional value chains, boost productivity and innovation, and create economies of scale, leading to lower production costs and job creation.

Ojo praised Delta State for its forward-thinking initiative in hosting the summit, urging other states to follow suit.

He highlighted the numerous benefits of increased trade, including improved competitiveness and the ability to source goods and services more cost-effectively within the continent.

The summit, which attracted a large audience, was attended by prominent figures, including His Royal Majesty Ogiame Atuwatse III, the Olu of Warri, and His Excellency Humphrey Geiseb, the Namibian High Commissioner to Nigeria, Cameroon, and Chad.

The Olu of Warri hosted a reception for Mr Ojo, the High Commissioner, and other dignitaries at his palace.

The event underscores a growing recognition of the crucial role intra-African trade can play in driving economic prosperity across the continent.