Nigeria has joined 55 other Commonwealth nations in a renewed global effort to unlock a projected $2tn intra-Commonwealth trade market by 2030, aimed at strengthening economic resilience, fostering sustainable growth, and lifting millions out of poverty.
The initiative was a key outcome of the Commonwealth Finance Ministers’ Meeting held on the sidelines of the ongoing World Bank and International Monetary Fund Annual Meetings in Washington, D.C., United States.
A statement signed by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, posted on its official X handle on Tuesday, said Nigeria’s delegation, led by the Minister of State for Finance, Doris Uzoka-Anite, reaffirmed the country’s support for the Commonwealth’s trade and development agenda.
Uzoka-Anite, according to the statement, said Nigeria was committed to working with other member countries to expand trade opportunities, deepen investment flows, and accelerate progress toward poverty reduction and job creation.
“With collective action and determination, the Commonwealth nations are set to achieve a brighter economic future, driving growth, prosperity, and improved livelihoods for millions across the Commonwealth,” the statement quoted her as saying.
The Commonwealth Secretariat noted that trade among member nations is, on average, 21 per cent cheaper than trade with non-members, owing to shared languages, legal frameworks, and institutional similarities that reduce transaction costs.
It added that intra-Commonwealth trade could grow to $2tn by 2030 if the bloc continues to invest in trade facilitation, connectivity, and innovation.
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