Economy/Business - NEWS AGENCY OF NIGERIA

Magdalene Ukuedojor
Jun, Tue, 2025

Tanzania honours Adesina for transforming national economy

154 total views today

By Lucy Ogalue

The Government of the United Republic of Tanzania has honoured the President, Africa Development Bank (AfDB) Group, Dr Akinwumi Adesina, for his immense contributions to the country’s economic transformation.

The AfDB in a statement on Tuesday, said the Tanzanian President, Samia Hassan, honoured Adesina during a ceremony held in Dodoma.

Hassan described Adesina as a visionary leader and a tireless son of Africa whose leadership had significantly impacted Tanzania’s growth and regional integration.

She said the 112-kilometre Dodoma Outer Ring Road, a major infrastructure project financed by AfDB has been renamed Dr Akinwumi Adesina Road in recognition of his role in supporting Tanzania’s development efforts.

“On behalf of the people of Tanzania, I express our gratitude to the AfDB for being a dependable partner of our country’s development.

“Your visionary leadership has brought significant socio-economic change to Tanzania and across Africa.

“I have accepted a recommendation by the Ministry of Works to rename the Dodoma Outer Ring Road as Dr Akinwumi Adesina Road.

“This is a leader who has dedicated his life to transforming the narrative of Africa. Under his stewardship, the AfDB has been a dependable partner to Tanzania,” Hassan said.

Hassan also commended the Bank’s support in the agricultural and energy sectors, as well as regional infrastructure aimed at linking Tanzania to Burundi and the Democratic Republic of Congo.

Adesina, visibly moved and accompanied by his wife, Grace Adesina, was in Tanzania on a two-day official visit to inspect AfDB-funded projects.

The projects included the Standard Gauge Railway, key roads, and Msalato International Airport.

The Bank had invested over nine billion dollars in Tanzania since 1971, with 4.73 billion dollars of that committed during Adesina’s tenure over the past decade.

The Dodoma Outer Ring Road, now renamed in Adesina’s honour, is part of the Cape to Cairo transport corridor.

The project received 138 million dollars in financing from AfDB, 42 million dollars from the Africa Growing Together Fund, and 34.69 million dollars from the Tanzanian Government.

In another highlight of the visit, Adesina was conferred with an Honorary Doctor of Science degree by the University of Dar es Salaam on June 13.

The Chancellor, former President Jakaya Kikwete, praised him as a model of excellence in leadership and development.

“Dr Adesina exemplifies the rare blend of academic brilliance, visionary leadership, and practical impact that honorary doctorates are meant to recognise.

“His emphasis on inclusive growth, innovation, and economic resilience makes him a beacon of integrity, excellence, and servant leadership,” Kikwete said.

Adesina, who surprised many by delivering part of his remarks in Kiswahili, said he was deeply honoured by the recognition and pledged continued support for Africa’s progress.

“Tanzania is not just building roads and railways. It is building bridges of prosperity and corridors of opportunity,”Adesina said.

The AfDB has also mobilised more than 1.2 billion dollars in syndicated financing for the extension of the electrified Standard Gauge Railway.

It is also contributing more than 198 million dollars to the ongoing Msalato International Airport project. (NAN)(www.nannews.ng)

Edited by Esenvosa Izah/Ese E. Eniola Williams

CAC reviews service fees Aug. 1, for efficient services

Philip Daniel Yatai
Jun, Tue, 2025

Economy/Business

CAC reviews service fees Aug. 1, for efficient services

459 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) says it has reviewed some of its service fees to enhance service quality, improve efficiency, and sustain digital transformation in its operations.

The commission said this in a public notice it issued in Abuja on Tuesday.

It said the increment which will take effect from Aug. 1, reflected prevailing economic realities and rising operational costs.

It said the adjustment followed engagements with key stakeholders.

The commission added that the review was to sustain prompt and technology-driven service delivery for Nigerians.

“The review of fees is crucial to ensuring that the commission continues to provide prompt, efficient, and technology-driven services that meet the expectations of its stakeholders for the benefit of the Nigerian economy,” it said.

The CAC described the reviewed fees as modest and competitive.

It said the changes would support its ongoing reforms to enhance transparency, accountability, and customer satisfaction.

“The schedule of the revised fees has been published on the commission’s official website: www.cac.gov.ng, including a direct link to its resource section for easy access,” the notice said.

The commission assured the public of its continued commitment to delivering high-quality services and maintaining the integrity of Nigeria’s corporate registry.

It urged the public, business owners, and corporate stakeholders to visit its website for full details of the reviewed service charges and other resources. (NAN)

Edited by Chidi Opara

FG inaugurates D-8 SME centre to deepen global cooperation, job creation

Philip Daniel Yatai
Jun, Tue, 2025

Economy/Business

FG inaugurates D-8 SME centre to deepen global cooperation, job creation

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By Lucy Ogalue

The Federal Government has called for stronger collaboration among developing countries to unlock job creation and ensure global competitiveness through enterprise development.

Mr Charlse Odii, Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said this at the inauguration of the D-8 Centre for Small and Medium Enterprises (SMEs) in Abuja on Tuesday.

Odii described the inauguration as a historic milestone that reflected Nigeria’s growing leadership in promoting South-South cooperation through entrepreneurship and innovation.

He said that the decision to site the centre in Nigeria was a strong endorsement of the resilience and creativity that defined the Nigerian business environment.

“The D-8 SME Center is more than a building. It is a bridge between continents, between policies and real impact, between big ideas and the small businesses that bring them to life.

“The initiative aligns with the vision of President Bola Tinubu, whose renewed hope agenda places enterprise, youth empowerment and regional partnerships at the core of Nigeria’s economic and diplomatic priorities,”he said.

According to him, Nigeria’s SME ecosystem is central to job creation, poverty reduction, and sustainable development.

He said that there was the need for stronger regional integration to tackle common challenges such as access to finance, infrastructure and regulatory barriers.

“No country can do it alone. SMEs in Bangladesh, Egypt, Malaysia, and Nigeria face similar constraints.

“The D-8 SME Center provides a platform to share solutions, open markets and harmonise standards,” he said.

Odii said that SMEDAN’s “Grow Nigerian” strategy was geared toward helping local businesses move beyond survival to becoming competitive players in regional and global value chains.

He said that the agency was focused on digitising SME operations, building industrial linkages, improving business regulations, and enhancing youth participation in the economy.

“This Centre will be a living hub for matchmaking, learning exchanges, policy alignment and co-investment among D-8 countries. It is about turning shared ideas into shared prosperity,” he said.

The Secretary-General of the D-8 Organisation for Economic Cooperation, Ambassador Isiaka Imam, urged member countries to intensify efforts toward empowering SMEs.

Imam said that SMEs formed the backbone of D-8 economies, accounting for the majority of enterprises and contributing significantly to GDP and employment across member states.

Citing country-specific data, he said that SMEs represented 99.8 per cent of businesses in Türkiye, 96 per cent in Nigeria, 98 per cent in Egypt, and over 90 per cent in Pakistan, Bangladesh, and Iran.

He said that the D-8 had taken strategic steps to support SME growth, including the establishment of governmental meetings, signing of a cooperation MoU, and hosting of forums among others.8

Imam expressed hope that the new centre would work with national SME agencies to advance research, training, data sharing, and policy harmonisation.

He urged member states to support the centre in addressing challenges such as access to finance, markets and technology.

The inauguration was attended by government officials, representatives of the D-8 Secretariat, diplomatic community, private sector players and development partners.

The News Agency of Nigeria (NAN) reports that the representatives of the member states acknowledged the important role SMEs played in the economic development of their various countries.

They, therefore, pledged their collective commitment to the advancement of the D-8 centre to ensure that it realised its purpose.(NAN)

Edited by Kadiri Abdulrahman

Nigeria open for business, partnership- ICRC D-G

Magdalene Ukuedojor
Jun, Tue, 2025

Economy/Business

Nigeria open for business, partnership- ICRC D-G

124 total views today

By Okeoghene Akubuike

Dr Jobson Ewalefoh, Director-General (D–G), Infrastructure Concession Regulatory Commission (ICRC), has assured investors that Nigeria is open for business and partnership.

Ewalefoh said this at the Nigeria Public Private Partnership(PPP) Summit hosted by the ICRC in Abuja on Tuesday.

The two-day summit has the theme “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda.”

Ewalefoh said the summit aimed to unlock new investment opportunities and drive economic growth, positioning Nigeria at the forefront of PPPs.”

“Let me assure our local and international investors: Nigeria is open for business — and more importantly, ready for partnership.

“With over 200 million people, a growing middle class, rich natural endowments, and an enormous infrastructure gap estimated at over 2.3 trillion dollars, the case for PPPs in Nigeria is not only compelling, it is urgent.

“At the ICRC, we are aligning regulation with facilitation, compliance with collaboration.

He said the ICRC was committed to ensuring that every PPP transaction was not just legally sound, but economically viable and socially impactful.

“The Commission stands ready to walk this journey with all partners — from project conceptualisation to financial close and beyond.”

Ewalefoh stated that this was made possible with the full support of President Bola Tinubu, who tasked the commission with accelerating investment in national infrastructure through the innovative mobilisation of private-sector funding.

He said President Tinubu had taken deliberate steps to strengthen the ICRC, endorsing streamlined processes that enhance the commission’s ability to deliver PPPs faster and more efficiently.

“In 2024, he directed that all MDAs must comply strictly with the ICRC Act and Guidelines in all PPP transactions, a clear statement of his commitment to rule-based, transparent infrastructure development.

Ewalefoh said President Tinubu had also preserved the integrity of the ICRC regulatory mandate by never interfering with its processes but rather routinely directing prospective investors and partners to engage directly with the ICRC.

“This presidential support is enabling us to fast-track critical national projects, including the Dasin Hausa Dam in Adamawa State.

“A life-saving infrastructure that will mitigate the perennial devastation caused by water released from the Lagdo Dam in Cameroon”.

The D–G said the summit was more than an event but a rallying call for transformation, a platform for strategic convergence, and a bridge between national aspirations and tangible development.

“As we deliberate, I urge us all to be bold in our ideas, deliberate in our engagements, and be patriotic in our resolve.

“The work of nation-building is neither ceremonial nor convenient but it is urgent, it is collective, and it is ours, “he urged. (NAN)(www.nanews.ng)

Edited by Vivian Ihechu

FG offers N50bn green bond for subscription at N1,000 per unit

Magdalene Ukuedojor
Jun, Tue, 2025

Economy/Business

FG offers N50bn green bond for subscription at N1,000 per unit

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By Kadiri Abdulrahman

The Federal Government, through the Debt Management Office, has offered Green Bond valued at N50 billion for subscription at N1,000 per unit.

DMO on Tuesday in Abuja, said it is a 5-year Green Bond offer due in 2030, at interest rates of between 18.75 and 19.25 per cent per annum.

“The opening date is June 16, closing date, 18, and settlement date, 23.

“It is offered at N1, 000 per unit, subject to a minimum subscription of N10 billion and in multiples of N1 million thereafter.

“Coupon payment is made half yearly while bullet repayment (principal sum) is on maturity.”

The DMO said that proceeds would be used solely to fund green projects as well as assets and expenditure which aligned with the “Sustainable Bond Framework”.

The DMO said that the Green Bond qualified as securities in which trustees could invest under the Trustees Investment Act.

“It qualifies as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among others.

“It is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited,” it said.

The DMO urged interested investors to contact the Financial Advisors, Chapel Hills Advisory Limited and Stanbic IBTC Capital Limited. (NAN)(www.nannews.ng)

Edited by Deborah Coker

SEC collaborates with developers on Stablecoin regulation framework

Folashade Adeniran
Jun, Tue, 2025

Economy/Business

SEC collaborates with developers on Stablecoin regulation framework

126 total views today

By Taiye Olayemi

The Securities and Exchange Commission (SEC) says it is engaging with developers to co-create a framework for the regulation of stablecoins.

Dr Emomotimi Agama, Director-General of SEC, in statement on Monday in Lagos, was quoted to have disclosed this in a keynote speech at the 2025 Decentralised Finance (DeFi) Conference.

Agama said that the commission had been working with DeFi to attract credible players.

He said, “The commission believes responsible DeFi can thrive in a regulated environment, and the SEC is looking forward to enhancing investor education and digital literacy.

“This is why the SEC is launching a ‘Crypto Smart, Nigeria Strong’ Initiative, targeting young investors across schools, universities, and social media.

“It aims to cover basic blockchain principles, how to spot scams, and the value of long-term investing.

“The future of Nigeria’s digital assets ecosystem depends on three pillars: collaboration, innovation, and trust.”

Speaking on the future of the sector, Agama said that regulatory evolution, through an expanded licensing regime, was in progress.

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based.

“Our goal is to attract credible operators while shutting out bad actors by streamlining application timelines, introducing tiered VASP licenses, and incorporating automated compliance monitoring. We are actively exploring a framework for Naira-pegged stablecoins.

“These will be fully backed by verifiable reserves, audited regularly by independent custodians, and used for cross-border trade, payments, and programmable finance. Having a framework will allow digital asset innovation to serve real-world economic activity, not just speculation.”

The SEC DG noted that the Nigerian digital assets industry had experienced a significant boom, stressing that over 65 per cent of cryptocurrency users in Nigeria are under the age of 35.

“These are digital natives, many of whom are financially excluded or underserved by traditional banking. For them, digital assets represent not just speculation but empowerment, a means to save, invest, transact, and create wealth on their terms.

“The SEC is also reviewing pathways for digital asset Exchange Traded Funds, custodial wallets for pension funds (with Nigeria’s pension fund assets capped at N16 trillion), and licensed asset managers offering tokenised securities to institutional investors.

“This will unlock long-term capital and bring credibility and stability to the sector,” he said.(NAN)

Edited by Olawunmi Ashafa

Nigeria’s inflation rate further eases to 22.97% in May- NBS

Muhyideen Jimoh
Jun, Tue, 2025

Economy/Business

Nigeria’s inflation rate further eases to 22.97% in May- NBS

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By Okeoghene Oghenekaro

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for May 2025, which was released in Abuja on Monday.

According to the report, the headline inflation showed a decrease of 0.74 per cent compared to the 23.71 per cent recorded in April 2025.

Furthermore, the report said on a month-on-month basis, the headline inflation rate in May 2025 was 1.53 per cent, which was 0.33 per cent lower than the rate recorded in April 2025 at 1.86 per cent.

The report said the increase in the headline index for May 2025 was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said the three major contributors to the headline inflation were Food and non-alcoholic Beverages at 9.20 per cent, Restaurants and Accommodation Services at 2.97 per cent, and Transport at 2.45 per cent.

The report showed the least contributors were Recreation, Sport, and Culture at 0.07 per cent, Alcoholic Beverages, Tobacco, and Narcotics at 0.09 per cent, and Insurance and Financial Services at 0.11 per cent.

The report said the food inflation rate in May 2025 was 21.14 per cent on a year-on-year basis.

It said on a month-on-month basis, the food inflation rate in May was 2.19 per cent, which increased by 0.13 per cent compared to the 2.06 per cent recorded in April 2025.

The NBS said the increase in food inflation was attributed to the reduction in average prices of items such as Yam, Avenger (Ogbono/Apon), Cassava Tuber, Maize Flour, Fresh Pepper, Sweet Potatoes, etc.

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.28 per cent in May 2025 on a year-on-year basis.

“One a month-on-month basis, the Core Inflation rate was 1.10 per cent in May, which decreased by 0.24 percentage points compared to the 1.34 per cent recorded in April 2025 .”

The NBS said for the newly introduced sub-indices, on a month-on-month basis, Farm Produce and Goods stood at 22.38 per cent and 9.39 per cent compared to April 2025, which were 0.95 per cent and 1.89 per cent, respectively.

“Conversely, Services and Energy stood at 1.79 per cent and -0.43 per cent compared to 2.20 per cent and 13.6 per cent recorded in April, respectively.*

The report said that on a year-on-year basis in May 2025, the urban inflation rate was 23.14 per cent.

“On a month-on-month basis, the urban inflation rate was 1.40 in May 2025, which increased by 0.22 per cent compared to April at 1.18 per cent.”

The report said in May, the rural inflation rate was 22.70 per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 1.83 per cent in May, which decreased by 1.72 per cent compared to April at 3.56 per cent.”

On states’ profile analysis, the report showed that in May, all items index inflation rate on a year-on-year basis was highest in Borno at 38.93 per cent, followed by Niger at 34.97 per cent and Plateau at 32.35 per cent.

It said the slowest rise in headline inflation on a year-on-year basis was recorded in Katsina at 16.25 per cent, followed by Adamawa at 18.20 per cent, and Delta at 18.41 per cent.

The report, however, said in May 2025, inflation rate on a month-on-month basis was highest in Bayelsa 9.11 per cent, followed by Bauchi at 4.85 per cent, and Borno at 4.42 per cent.

“Kaduna at -6.75 per cent, followed by Jigawa at -4.40 per cent and Edo at -2.94 per cent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Borno at 64.34 per cent, followed by Bayelsa at 39.85 per cent, and Taraba at 38.58 per cent.

“Katsina at 6.90 per cent, followed by Rivers at 9.18 per cent and Kwara at 11.31 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Bayelsa at 12.68 per cent, followed by Cross River at 11.15 per cent, and Anambra at 9.10 per cent.

“Katsina at -5.42 per cent, followed by Jigawa at -4.02 per cent and Kaduna -3.27per cent, recorded the slowest rise in inflation on a month-on-month basis.”

The NBS said based on the recent rebasing of the CPI, hence, the CPI rose to 121.35 in May 2025, which reflected a 1.83-point increase from April 2025.

The News Agency of Nigeria (NAN) recalls that the NBS recently rebased the CPI, bringing the base year closer to the current period, from 2009 to 2024, with 2023 as the reference period for expenditure weights.

The Statistician-General of the Federation, Adeyemi Adeniran, said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy.

According to him, this is done by incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

Forum urges leaders to invest in Africa’s capital to preserve wealth

Tosin Kolade
Jun, Tue, 2025

Economy/Business

Forum urges leaders to invest in Africa’s capital to preserve wealth

140 total views today

By Okeoghene Akubuike

The Africa Sovereign Investors Forum (ASIF) has urged leaders in the continent to invest and preserve wealth for future generations by investing in Africa’s capital.

Stakeholders at the forum made the call at the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF) hosted by the Nigeria Sovereign Investment Authority (NSIA) in Abuja on Monday.

The two-day meeting was with the theme, “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa”.

Patrick Lumumba, a Professor of Public Law and Pan African Activist said that African leaders had an intergenerational duty to cater for generations yet to be born.

Lumumba urged African leaders to ask themselves how they want to be remembered, and be determined to liberate the continent economically.

He said that in spite of being the most resource-rich continent on earth, Africa was still poor.

“What are you doing with the income you are realising now so that your children and children’s children will have something to inherit.

“Ensure that out of every N100 that you sell oil for, we will keep two Naira for future generations.

“Let us make sure that our sovereign funds are invested in the continent of Africa,” he said.

Lumumba said that for Africa to move ahead, there must be time-bound approaches to decisions and policies.

“Let us unite and think of this generation and generations yet to be born through the creation of sustainable sovereign funds that will be Africa-wide. Let us make Africa great again because we were once great.”

Prof. Benedict Oramah, President, Afreximbank, said that African sovereign funds must invest in the African market and shun the notion that it is more risky to invest in Africa than foreign markets.

“Little consideration is given to the fact that investing a significant share of the funds in their home country may help mitigate some of the risks and perhaps help grow the size of the fund.

“Let us deploy Africa’s capital in a way that truly unlocks the immense inherent wealth and potential that lies within the continent.

“Let us use our money to develop our countries, and not use our money to develop others.

“If you use the money to create new wealth, even if your capital quantity decreases, you have a chance to preserve your capital,” he said.

Mr Sumaila Zubairu, President/CEO, African Finance Corporation, said that Africa’s capital must remain in the internal reserves of African countries.

Zubairu said that the capital should also be used in more productive sectors of the African economy, urging the continent to understand its peculiar challenges.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said that African sovereign wealth funds must become active instruments for economic transformation.

Edun said that this could be achieved through collaborations like the ASIF.

“We must be able to attract and crowd in investment, and we must convince ourselves that private sector financing is key, and we must meet their terms and make conditions amiable for them.”

He highlighted three areas Africa must focus on, including capital mobilisation at scale, regional and continental collaborations, and human capital and policy alignment.

According to him, these must be driven by the African sovereign wealth funds leading the way.

Mr Obaid Amrane, Chairman, ASIF said that there was a need for Africa to invest jointly in logistical, digital, and social infrastructure .

Amrane said that by doing so supply, chains would be shortened, intra-Africam trade would be deepened and a strong , healthy and resilient continent would be built, which would reduce Africa’s collective exposure to global uncertainty.

He said that infrastructure was a key challenge on the continent, andaddressing it could boost productivity, enhance value chains in agribusiness, pharmaceuticals, and digital services, and promote inclusive prosperity.

“This is precisely why we will promote and foster transformative investment, as well as those that create decent jobs today while preserving our resources for future generations.

“Africa’s sovereign capital is not only ready to fund its future, it is ready to shape it for the benefit of current and future generations,” he said.

Dr Segun Ogunsanya, Chairman, Board of Trustees, NSIA said that Africa should pirioritise local capital formation and large scale infrastructure projects in key sectors, and avoid fanciful investment trends that were not relevant to Africa .

The News Agency of Nigeria (NAN) reports that 27 African nations were present at the meeting, and non-regional participants like the China investment wealth fund.(NAN)

Edited by Kadiri Abdulrahman

FIRS directs opening of tax offices on weekends

Muhyideen Jimoh
Jun, Tue, 2025

Economy/Business

FIRS directs opening of tax offices on weekends

129 total views today

By Kadiri Abdulrahman

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has directed the extension of tax office operations to weekends for the month of June.

Adedeji gave the directive in a statement issued by Dare Adekanmbi, the Special Adviser on Media to the FIRS chairman.

According to Adekambi, it is part of Adedeji’s commitment to matching the agency’s customer-centric policy with tangible action.

“With the directive, tax offices are expected to open for business from 10:00 a.m. to 4:00 p.m. on Saturdays and 12:00 p.m. to 4:00 p.m. on Sundays throughout the month of June,” he said.

“The weekend service, which started on June 14, will end on Sunday, June 29.

“It is aimed at helping companies that are mandated by law to file their tax returns by the end of the month meet up with the deadline,” he said.

He said that the coordinating directors of Large Taxpayers Group, Government and Medium Taxpayers Group, as well as Emerging Taxpayers Group had conveyed the decision of the management to all staff in the tax offices.

“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season.

“Many taxpayers which financial year ends December 31, are expected to file their tax returns by June 30.

The News Agency of Nigeria (NAN) recalls that the FIRS chairman on assumption of office, reorganised tax operations for ease of tax payment.

This has led the transformation of the agency from merely being a tax-collecting entity to a service-providing body. (NAN)(www.nannwws.ng)

Edited by Ese E. Eniola Williams

D-8 preferential trade agreement targets 0bn in intra-trade by 2030

Magdalene Ukuedojor
Jun, Mon, 2025

Economy/Business

D-8 preferential trade agreement targets $500bn in intra-trade by 2030

138 total views today

By Vivian Emoni

Amb. Isiaka Imam, Secretary-General, D-8, Organisation for Economic Cooperation, says the organisation is focusing on achieving a target of 500 billion dollars in intra-trade among member countries by 2030.

Imam disclosed this at the 8th Session of Supervisory Committee of D-8 Preferential Trade Agreement (8th SC PTA), in Abuja on Monday.

According to him, this target is part of the D-8 decennial roadmap, which oulines the organisations’ goals for the period of 2020 to 2030.

“In 2023, intra-D-8 trade reached approximately 146 billion dollars, representing only seven per cent of the total external trade of the D-8 member-states.

“In other regional blocs, intra-group trade typically ranges from 15 per cent to over 30 per cent.

“The D-8’s intra-trade share of seven per cent signals a significant under-utilisation of our collective potential.

“This persistent low percentage highlights a significant opportunity to intensify our efforts to do more, to reach the target of 10 per cent of the D-8 global trade value, set by our leaders,” he said.

Imam said that the best time for the D-8 PTA, to be used, to help shield member-states’ economies, should be now.

He said that for the PTA to be more impactful, in the face of rapid changes in the global economic landscape, more work needed to be done.

“It is based on this premise, I wish to, respectfully, propose the following measures to strengthen and modernise the PTA.

“The first is the adoption of electronic customs systems, and single-window platforms, which can significantly reduce transaction costs and improve transparency.

“The D-8 may consider launching a feasibility study to explore such digital trade facilitation tools, relevant to our needs.

“Also, a clearer and more flexible rules of origin can reduce compliance burdens and encourage greater use of the PTA,” he said.

Dr Jumoke Oduwule, Minister of Industry, Trade and Investment, said that the meeting came at a time when regional cooperation and economic integration must be accelerated to meet the demands of a rapidly evolving global landscape.

Oduwole said that there was significant progress in domesticating the PTA and aligning national trade policies with its provisions.

“Our recent ratification efforts and inter-agency coordination underscore our resolve to lead by example in deepening regional economic integration,” she said

The minister urged the committee to adopt a results-oriented approach to the
deliberations.

She also advised the committee to emerge from the session with actionable outcomes, clear timelines, and mechanisms for accountability.

She urged the committee to fast-track the implementation of tariff concessions and rules of origin across member states.

Oduwole urged the committee to enhance the engagement of the private sector, the true engine of trade by facilitating access to information, trade opportunities, and finance.

“We must strengthen technical cooperation and knowledge exchange to
support Micro, Small and Medium-size Enterprises (MSMEs) improve standards and build industrial capacity.

“We must foster institutional mechanisms that encourage trade in services, digital trade, and investment promotion within the D-8 space.

“We also need to prioritise youth and women in trade, as we build inclusive economies that harness the full potential of our populations,” he said.

Oduwole, however, urged the committee to take a pragmatic, forward-looking approach.

According to her, we must move beyond procedural conversations and focus on concrete action to elevate the D-8 PTA from a promising framework to a living instrument for economic transformation.

“Your steadfast contributions have made today’s meeting a reality and will continue to shape the outcomes we seek.

“Our shared success lies, not just in the texts we ratify, but in the lives we impact,” she said.

Amb. Nura Rimi, Permanent Secretary of the ministry, said that Nigeria remained committed to the objectives of the D-8 and was active in the realisation of its trade and development aspirations.

“We believe that through collective action, practical policy reforms, and mutual support, the PTA can unlock significant opportunities for our private sector and citizens alike.

“One way of doing this is through the embrace of digital trade, and Nigeria will like to champion this cause in the D-8,” he said.

The News Agency of Nigeria (NAN) reports that the D-8 Organisation for Economic Cooperation comprises eight developing countries with significant economic potential.

It aims to promote intra-regional trade and economic cooperation among member states. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman