Nigeria, Largest Market In W’Africa -AfDB

The African Develop
ment  Bank (AfDB) says Nigeria is West African’s largest market with great potential to  be a main driver of regional integration  considering its population.
This is  contained in the West African Mid-term Review and Regional Portfolio performance review paper 2011-2015, made available to newsmen.
According to the report, with the GDP rebasing, Nigeria now has the largest  economy  in Africa and a great  potential  for its services and manufacturing sectors.
The report also said the country attracted half  of the Foreign  Direct Investment (FDI) coming into the region  with about 45 per cent in 2012.
On the investment side,  the role of Nigeria is certainly more prominent, with various Nigerian Companies having significant  impact in the regional market  particularly banking services,” it said.
The report further stated that goods such as cement, cassava, flour and other goods from Nigerian companies served the needs of their client  across West Africa.
It said that closer   integration with the region would require Nigeria  to open its markets to regional exports, adding there was need for a change of perspective  on the  neighbouring countries.
According to the report, it is more crucial for the country to treat its regional neighbours more as partners rather than merely clients, Regional value chains have a real potential, especially given  the developments in regional transport and connectivity infrastructure.
“Increasing trade volumes will require improvements in regional corridors reducing frictions related  to non  tariff  brassieres as well as  accountability and transparency in regulations both on the national and on the regional level”, it said.