Nigeria eyes $2.5 billion trade boost with Morocco
The Speaker of Nigeria's House of Representatives believes Nigeria could potentially boost its annual earnings from trade with Morocco to approximately $2.5 billion.
Hon. Abbas Tajudeen made this statement during a recent meeting in Abuja with stakeholders focused on strengthening Nigeria-Morocco trade relations.
Tajudeen pointed out that the current trade volume between the two nations has only marginally increased to 1.88% over the past five years.
«Eliminating trade barriers would significantly enhance trade relations through increased exports and imports between our countries», he asserted.
Tajudeen emphasized Nigeria's commitment to collaborating with the Moroccan Parliament through their Parliamentary Friendship Group to address any legislative obstacles hindering trade growth.
The Nigerian Minister of Industry, Trade and Investment, Olajumoke Oduwole, who also participated in the meeting, highlighted that current trade between Nigeria and Morocco primarily centers on petroleum, agriculture, telecommunications, and financial technology.
She affirmed the strong trading relationship between the two countries, acknowledging that while trade volumes are on the rise, there's substantial room for further expansion.
Oduwole suggested exploring additional opportunities in banking, telecommunications, and energy, particularly in the green/renewable energy sector and the trans-Saharan pipeline project. She also mentioned the potential for establishing a direct shipping route between Nigeria and Morocco.
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