Joseph Bakare
Nigeria is sure of generating about $2.5 billion in annual revenue if it sustains trade with Morocco.
The Speaker of the House of Representatives, Hon Tajudeen Abbas, on Wednesday, expressed that possibility, as he stressed the need for Nigeria to sustain its bilateral trades with Morocco.
Abbas expressed this optimism during a meeting with stakeholders on Nigeria-Morocco trade relations.
Represented by the Majority Leader, Hon. Julius Ihonvbere, observed that 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 by way of exports and imports would increase between the two countries,” he stated.
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.
According to him, “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 speedily resolve any areas that need legislative attention.”
The Speaker noted that part of the House’s legislative strategy is to engage with critical stakeholders to brainstorm and curate diverse views and opinions in support of the economic diversification policy of the government, with a focus on reducing dependence on oil and increasing development in other sectors across Nigeria, such as mineral resource mining, manufacturing, agro-processing, textile, tourism and technology and general services.
Abbas said the “critical and strategic stakeholders” meeting was organised to promote trade relations between Nigeria and the Kingdom of Morocco.
He recalled how he attended a meeting of the Speakers of the Parliaments of the Atlantic African States in the Kingdom of Morocco while the main objective of that meeting was to strengthen the inter-parliamentary dialogue in Atlantic Africa to support the process of Atlantic African States, including trade and security within the region.
He said it was also to engage with the Moroccan business community to provide legislative support towards improving ease of doing business in Nigeria, among others.
The Speaker added that he had the opportunity to interact with Nigerian entrepreneurs in the Kingdom of Morocco, as well as Moroccan entrepreneurs who desire 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 the activation of the African Continental Free Trade Area (AfCFTA) between Nigeria and Morocco, the avoidance of a double taxation treaty, the creation of a direct sea lane between our two countries to promote cross-border investments and the implementation of 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.”
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 issue of double taxation, which the government is reviewing, would require the intervention of more stakeholders.
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 the trade volumes are gradually increasing, there is room for improvement.”
Oduwole noted that Nigeria and Morocco can explore more opportunities in the banking, telecom, and energy sectors, especially on the green/renewable energy market and the trans-Sahara pipeline project.
She also mentioned a direct shipping link between Nigeria and Morocco.
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, Ambassador Tagma Moha Ou Ali, noted that Morocco and Nigeria share deep historical relationships and goals in Africa.
He also noted that trade between the two countries has 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,” he said.
Ambassador Ali expressed the commitment of Morocco to fostering economic policies that benefit both nations.