Nigeria has joined other Commonwealth nations in advancing a $2 trillion trade initiative designed to deepen economic integration, enhance resilience, and promote sustainable development across member countries. The announcement was made following a high-level meeting of Commonwealth Finance Ministers held on the sidelines of the World Bank and IMF Annual Meetings in Washington, D.C., according to a statement by Mohammed Manga, FCAI, Director of Information and Public Relations, Federal Ministry of Finance.
The Commonwealth Secretariat projects that intra-Commonwealth trade could reach $2 trillion by 2030 through strategic investments in trade facilitation, connectivity, and innovation. The Secretariat also noted that trade within the Commonwealth is on average 21% cheaper than with non-member nations, owing to shared legal and institutional systems. Nigeria’s participation, led by Dr. Doris Uzoka-Anite, Minister of State for Finance, reinforces the government’s commitment to sustainable trade-led growth and deeper economic integration.
Nigeria’s alignment with the Commonwealth trade expansion agenda is expected to bolster export diversification, attract foreign investments, and strengthen job creation. The initiative supports President Bola Tinubu’s call for stronger trade relations within the bloc, encouraging larger Commonwealth economies to import agricultural and industrial goods from Africa at preferential rates while investing in local processing industries to spur inclusive growth across member nations.
