Trades With Morocco Can Earn Nigeria $2.5bn Yearly – Abbas

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has said Nigeria can earn about $2.5 billion annually from bilateral trade with Morocco.

The speaker, represented by the House Majority Leader, Hon. Julius Ihonvbere said this at a meeting with stakeholders on Nigeria-Morocco trade relations in his office on Wednesday.

“The current trade percentage between Nigeria and Morocco is said to have barely increased to 1.88 per cent in the last five years. If the trade barriers are removed, the possibility of increased trade relations through exports and imports would increase between the two countries,” he stated.

Abbas said he expected that the interaction would critically review the trade relations between Nigeria and Morocco to recommend “changes that are legislatively necessary to improve our trade relations and enable businesses from both countries to take maximum advantage of AfCFTA and other bilateral trade agreements to grow the GDP of our both countries.”

He said: “We are prepared to partner with the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Foreign Affairs and other relevant institutions, agencies, and corporate organisations to ensure that all trade barriers are resolved and removed.

“We are ready to work with our counterparts in the Parliament of Morocco through our Parliamentary Friendship Group with Morocco to resolve any areas that need legislative attention speedily.”

Abbas noted that part of the House’s legislative strategy is to engage with critical stakeholders to brainstorm and curate diverse views and opinions supporting the government‘s economic diversification policy. The policy focuses on reducing dependence on oil and increasing development in other sectors across Nigeria, such as mineral resource mining, manufacturing, agro-processing, textile, tourism, technology, and general services.

The speaker said the “critical and strategic stakeholders” meeting was organised to promote trade relations between Nigeria and the Kingdom of Morocco.

Abbas added that he had the opportunity to interact with Nigerian entrepreneurs in the Kingdom of Morocco and Moroccan entrepreneurs who desired to do business with Nigeria.

He said: “One of the Nigerian companies doing business in Morocco, Spectre Trans-Trade Global, therefore submitted a letter requesting the House to intervene and remove trade barriers between Nigeria and the Kingdom of Morocco, one of the outcomes of the first edition of the Nigeria-Morocco Business Week Investment Summit held in Casablanca from 29th to 31st October 2024.

“The organisation called for activating the African Continental Free Trade Area (AfCFTA) between Nigeria and Morocco, avoiding a double taxation treaty, creating a direct sea lane between our two countries to promote cross-border investments and implementing previous bilateral trade agreements.

“This meeting, coming a month after that high-level interaction, is a testament to the determination of our two countries to promote mutual relations in trade and business.”

For his part, the Minister of Industry, Trade and Investment, Dr Olajumoke Oduwole, in her remarks, said she had the assurances of the Minister of Finance and Coordinating Minister of the Economy, Dr Wale Edun, that the Federal Government of Nigeria would prioritise the AfCFTA.

Oduwole also noted that the government‘s review of double taxation would require the intervention of more stakeholders.

While noting that trades between Nigeria and Morocco revolve around petroleum, agriculture, telecommunications, and financial technology, the Minister said, “Our two countries have a great trading relationship,” adding that though trade volumes are gradually increasing, there is room for improvement.

Minister Oduwole noted that Nigeria and Morocco can explore more opportunities in the banking, telecoms, and energy sectors, especially in the green/renewable energy market and the trans-Sahara pipeline project. She also mentioned a direct shipping link between the two Countries.

The minister, however, stated that some of the issues are beyond her ministry and require the involvement of other relevant ministries, departments, and agencies.

The Ambassador of Morocco to Nigeria, Tagma Moha Ou Ali, noted that Morocco and Nigeria share deep historical relationships and goals in Africa.

He also stated that trade between the two countries had recorded significant progress in recent years.

While calling for trade integration on the continent, the Moroccan Ambassador urged Nigeria and his country to work together to eliminate trade barriers.

“We have to boost agriculture and industrial collaboration,” he partly said while calling on financial institutions in Morocco and Nigeria to work closely to facilitate financial support for trade between the countries.