Nigeria’s contribution in trading volume to the Economic Community of West African States (ECOWAS) stands at 76 percent, stated the Minister of Industry, Trade and Investment, Otunba Adebayo.
He said this on Thursday at the nation’s capital, noting that the huge contribution was made possible by the community’s treaty that allowed for the unhindered movement of people and goods across the 15 countries that form the ECOWAS.
Adebayo called for a deeper and broader financial system to ensure the continuous growth of Nigeria’s economy that would serve all sectors of the country’s economy.
He said, “To put this in context, Nigeria contributes an estimated 76% of total trading volume in the ECOWAS region.
“This is made possible because of the ECOWAS treaty which provides for the free movement of people and goods throughout 15 West African countries. The AfCFTA grants access to 54 countries with a population of around 1.3 billion and a market value of about $3.4 trillion.
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“The Federal Government of Nigeria through the Ministry of Industry, Trade and Investment recognise the importance of attracting and retaining patient investment in our economy. The Ministry has continually engaged relevant MDAs to implement policies that will help to achieve this goal.
“As the economy grows, the financial services sector needs to keep pace with changing industry demands, especially in terms of assessing the prospects for risk and return. Sustainable growth of the economy needs to be underpinned by a broadening and deepening of the financial system, capable of serving the needs of all parts of the economy.
“Economies that have sustained long-term growth has experienced enormous structural change, as they have shifted from being predominantly rural and agricultural to a more urban, manufacturing-and-service-based structure.
“Emphasis is being placed on reforms that strengthen the rights of borrowers and lenders, strengthen the credit rating system, lower the costs of obtaining credit and streamline dispute resolution.”
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