Nigeria, Benin Agree on Joint Trade Framework to Boost Economic Ties
0
0
Nigeria, Benin Agree on Joint Trade Framework to Boost Economic Ties
By Alabidun Shuaib AbdulRahman
Nigeria and the Republic of Benin have taken a significant step towards strengthening regional trade ties and economic integration by agreeing on a joint trade framework.
The agreement, reached at a high-level meeting held in Cotonou, Benin Republic, on August 2, 2025, aims to eliminate trade bottlenecks, facilitate economic development, and create new opportunities across both countries.
The Minister of Industry, Trade, and Investment, Mrs. Jumoke Oduwole, described the bilateral framework as a bold step forward in West Africa’s regional economic strategy.
READ ALSO: NCS to Transition from Fast Track Scheme AEO Programme
“This agreement signals strong political will from both countries to pursue a progressive and inclusive trade relationship,” she said.
She noted that the agreement would help dismantle barriers, improve logistics, and ensure that trade becomes a tool for job creation and regional prosperity.
The Comptroller-General of Customs, Adewale Adeniyi, MFR, reaffirmed the Service’s readiness to execute the trade agreement’s outcomes and ensure its alignment with Nigeria’s national trade priorities.
He revealed that a formal Memorandum of Understanding, building on this framework, is expected to be signed by the first quarter of 2026.
Adeniyi announced plans to implement corridor-based solutions to facilitate transit and transshipment trade while eliminating bureaucratic delays that affect small and medium enterprises.
The agreement is expected to open a new chapter in Nigeria-Benin trade relations anchored on transparency, technology, and mutual growth.
Both countries have committed to deepening integration through coordinated border management, and have undertaken a joint tour of Cotonou Port to assess port procedures and explore modernisation opportunities.
