The Speaker of the House of Representatives, Abbas Tajudeen, has expressed a commitment to collaborate with the Federal Ministry of Industry, Trade and Investment, the Federal Ministry of Foreign Affairs, and various relevant institutions and corporate entities to address and eliminate trade barriers between Nigeria and Morocco.
During a recent stakeholders’ meeting focused on Nigeria-Morocco trade relations held in Abuja, Speaker Tajudeen remarked, “The current trade volume between Nigeria and Morocco has only marginally increased to 1.88 percent over the past five years.
The removal of these trade barriers could significantly enhance trade relations, facilitating increased exports and imports between our nations.”
Speaker Tajudeen further underscored the readiness to engage with Moroccan counterparts through the Parliamentary Friendship Group to expediently address areas that may require legislative action.
Represented by the Majority Leader, Prof. Julius Ihonvbere, the Speaker highlighted the potential for Nigeria to boost its annual trade earnings by approximately $2.5 billion through improved bilateral relations with Morocco.
He called upon participants to conduct a thorough review of the trade dynamics between the two nations, proposing legislative changes necessary to enhance mutual trade relations and enabling businesses from both countries to fully leverage the African Continental Free Trade Area (AfCFTA) and other bilateral trade agreements to support the economic growth of both nations.