State governments in Nigeria have been encouraged to forge trade and investment partnerships with African nations to boost intra-African trade and enhance the welfare of their citizens.
The call was made by Mr. Ben Gbade Ojo, President of the Nigeria-Namibia Chamber of Commerce, during the Namibia-Delta State Trade and Investment Summit held in Warri, Delta State. He emphasized that state governments in Nigeria could stimulate economic growth and create employment by engaging in trade and investment relations with other African countries.
“Trade is widely recognized as a key driver of economic growth and development,” Ojo stated. “Many regions and countries have lifted their people from poverty to prosperity through trade. However, in Africa, trade has not been a powerful tool for rapid and sustainable economic growth.”
He expressed concern over the low level of intra-African trade, which currently stands at just 13%. In comparison, Europe, North America, and the ASEAN countries have achieved intra-regional trade levels of approximately 60%, 40%, and 30%, respectively. Even accounting for informal cross-border trade, intra-African trade remains below 20%, much lower than other major global regions.
Ojo highlighted that the limited trade between African countries has hindered the full potential of regional synergies and economic integration. He pointed out that products and services could often be sourced more competitively from other African nations, yet many are procured from outside the continent.
He further stressed that increasing intra-African trade offers numerous benefits, such as fostering the development of regional value chains, stimulating productivity and innovation, and improving economies of scale, which can reduce production costs.
Ojo commended the Delta State Government for its forward-thinking approach and urged other states to follow suit by promoting international trade and investment to improve the prosperity and well-being of their people.
The summit was well-attended, with notable figures including His Royal Majesty, Ogiame Atuwatse III, the Olu of Warri, and His Excellency Humphrey Geiseb, the High Commissioner of Namibia to Nigeria, Cameroon, and Chad. The Olu of Warri hosted the summit’s dignitaries, including Mr. Ojo and the Namibian High Commissioner, at his palace.
