Nigeria Records Growth In Sub-Regional Trade

The Ministry of Foreign Affairs said last week that Nigeria recorded remarkable growth in sub-regional trade in the last one year as compared to previous years.

The Permanent Secretary of the ministry, Dr. Martin Uhomoibhi, told newsmen in Abuja that the trade cut across the West African sub-region and mainly at an informal level and lacking proper documentation.

Some of the products commonly traded in the sub region are textiles, construction materials, agricultural products, solid minerals and household items, he said.

According to agency reports, Uhomoibhi observed that the informal trade, when documented, would account for a lot of revenue.

He said that the current security challenges facing the country would not deter foreign investors, stressing that “Nigeria is capable of defeating terrorism.”

“Nigeria is both under policed and under resourced and government is committed to addressing the security challenges and harnessing its economic potentialities,” he said.

The permanent secretary noted some of the nation’s achievements at the international level and said that the free and fair general elections in April had boosted the confidence and trust of the international community on Nigeria.

He said that the nation would continue to strengthen its diplomatic relations with other countries, similar to the Nigerian-U.S. Bi-National Commission, established in 2010, which had recorded significant progress.

The commission’s four working groups include good governance, transparency and integrity, food security and agriculture, energy and investment as well as Niger Delta and regional security.