Nigerian trade with other African 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 600 billion naira ($415 million) to 4.82 trillion naira 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.
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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.
