- The exit of Niger, Mali, and Burkina Faso from ECOWAS has not significantly impacted trade in the region.
- Other trade agreements, such as the African Free Trade Association (AFTA) and the World Trade Organization (WTO), remain in place.
- Nigeria and Benin Republic have signed a trade agreement to develop frameworks for clearing goods in each other’s ports.
- The African Continental Free Trade Agreement (AfCFTA) has expanded business opportunities for traders in Benin Republic and Nigeria.
Nigeria and the Benin Republic are strengthening their trade ties, with a focus on legitimate trans-border trade. A recent closed-door meeting between the two countries, which included stakeholders like the Association of the Nigeria Licensed Customs Agents (ANLCA), aimed to identify barriers and find practical solutions to facilitate trade .
Comptroller Shuaibu emphasized the importance of the economic relationship between Nigeria and the Benin Republic, stating that it’s vital not only for bilateral ties but also for the entire region. He highlighted the rich history of trade and economic cooperation between the two countries, stressing the need to ensure this continues to thrive in a secure and orderly manner.
The meeting provided an opportunity for stakeholders to share insights and engage in frank discussions, paving the way for actionable outcomes. This collaboration is part of ongoing efforts to facilitate trade and improve economic ties between Nigeria and the Benin Republic .
The Nigeria Customs Service is indeed working tirelessly to strengthen its partnership with the Benin Republic Customs Administration, focusing on consultation, collaboration, synergy, and transformation. The goal is to cement the existing relationship between the two countries, which has been longstanding, and facilitate seamless trade experiences .
To achieve this, the Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, led a delegation to meet with the Director-General of the Customs Administration of Benin Republic. The meeting aimed to amplify trade activities, ensure the seamless implementation of previous recommendations, and facilitate legitimate trade between the two nations .
Key areas of focus include:
· Enforcing fiscal policies to combat smuggling activities
· Facilitating seamless trade operations to benefit both nations
· Strengthening collaboration to address cross-border challenges
By working together, Nigeria and the Benin Republic can enhance their economic ties, promote legitimate trade, and ensure a secure and orderly flow of goods between the two countries .
The exit of Niger, Mali, and Burkina Faso from the Economic Community of West Africa (ECOWAS) hasn’t had a significant impact on trade in the region, according to Shuaibu. This is because other countries are still trading with the region, and there are other trade agreements in place, such as the African Free Trade Association (AFTA) and the World Trade Organization (WTO) .
In fact, Nigeria and Benin Republic have recently signed a trade agreement to develop frameworks for clearing goods in each other’s ports. This agreement aims to enhance trans-border security and regulate trade between the two countries .
Additionally, the African Continental Free Trade Agreement (AfCFTA) has expanded business opportunities for traders in Benin Republic and Nigeria. The agreement aims to create a single, unified market for goods and services across Africa .
Overall, while the exit of three countries from ECOWAS may have raised concerns, it appears that trade in the region is still thriving thanks to other trade agreements and partnerships.
