The Nigeria-Namibia Chamber of Commerce has called on state governments to deepen trade and investment ties with African countries to unlock economic growth and improve citizens’ welfare.
In a statement, the President of the Nigeria-Namibia Chamber of Commerce, Ben Ojo, highlighted the transformative potential of intra-African trade at a recently held Namibia-Delta State Trade and Investment Summit in Delta State.
“Trade is widely accepted as an important engine of economic growth and development. There are many regions and countries of the world that have been able to lift their people from poverty to prosperity through trade. In Africa, however, trade has not served as a potent instrument for the achievement of rapid and sustainable economic growth and development,” Ojo said.
He revealed that trade among African nations was estimated at only 13 per cent, compared to 60 per cent in Europe, 40 per cent in North America, and 30 per cent among the Association of Southeast Asian Nations.
He lamented that informal cross-border trade pushed Africa’s intra-regional trade to about 20 per cent, which remained far below global standards.
According to Ojo, the underperformance prevents African countries from fully benefiting from shared economic opportunities.
“African countries do not trade much with each other, which has meant that they have been unable to fully harness the synergies and complementarities of their economies.
“There are cases where products and services could have been sourced competitively from other African countries but were procured from outside the continent,” he added.
He further noted that greater intra-African trade would foster regional value chains, spur innovation, and boost productivity, adding, “Increased trade enhances economies of scale, reducing production costs as output expands.”
Ojo commended Delta State for organising the summit, urging other states to emulate the initiative. “I congratulate the Delta State Government on this visionary step and encourage other states to promote international trade and investments for the improved welfare and prosperity of their people.”
