Tag: Regional Trade

  • South East Governors Propose Regional Common Market to Drive Growth

    South East Governors Propose Regional Common Market to Drive Growth

    Figures cited by Champion Newspapers show a renewed push for regional integration as Governor Peter Mbah of Enugu State called for the creation of a “South East Common Market.” During a developmental launch where Vice President Kashim Shettima unveiled the Vision 2050 blueprint for the region, Governor Mbah argued that reimagining the five states as a single economic bloc is essential for industrialization. The proposal aims to harmonize trade policies and infrastructure projects across the South East.

    The Vision 2050 blueprint is designed to leverage the region’s entrepreneurial strength while addressing long-standing infrastructure deficits. The Vice President highlighted the Federal Government’s commitment to supporting regional initiatives that align with national economic goals. This collaborative approach is expected to attract significant foreign direct investment (FDI) into the region’s manufacturing and technology sectors.

    The Sun and Leadership Newspaper have also reported on the Enugu summit. The Sun stated that “the governors have agreed to set up a technical committee to oversee the integration process.” Leadership Newspaper quoted a regional trade leader who said, “a unified market will eliminate the double taxation that currently plagues inter-state commerce in the East.”

    Echotitbits take:

    A South East Common Market could be a game-changer for Nigerian internal trade, mirroring the success of the EU on a smaller scale. If the states can successfully integrate their rail and power projects, the region could become the nation’s primary industrial hub. The biggest challenge remains the “sit-at-home” disruptions which must be permanently resolved to ensure the market’s viability.

    Source: DailyTrust – https://dailytrust.com/shettima-unveils-25-year-economic-blueprint-for-southeast/, February 5, 2026

    Photo credit: DailyTrust

  • Massive Shift in Regional Markets: ECOWAS Projects 5% Growth for 2026

    Massive Shift in Regional Markets: ECOWAS Projects 5% Growth for 2026

    According to reporting from The Guardian, the President of the ECOWAS Commission, Dr. Omar Alieu Touray, has officially projected a regional economic growth rate of 5.0% for the current 2026 fiscal year. This optimistic forecast follows a resilient 4.6% growth recorded in the previous year, despite global economic headwinds and high inflation. Speaking at a news conference in Abuja regarding the exit of Mali, Burkina Faso, and Niger, the commission emphasized that the West African bloc continues to outperform other regions on the African continent.

    The projections are built on the back of recovering industrial output and a steady decline in inflation across member states. Officials noted that while the global economy has slowed down, Africa’s resilience remains a key driver for the regional uptick. The commission is now focusing on harmonizing trade policies to ensure this 5% target is met through increased intra-regional commerce and infrastructure stability.

    This development has been corroborated by Vanguard and The Nation. Vanguard noted that the “resilience of the West African economy is a testament to recent fiscal reforms,” while The Nation reported that “member states are being urged to maintain fiscal discipline to meet the 5% growth threshold.”

    Echotitbits take:

    This 5% growth projection is a bold signal of stability for a region recently rocked by the exit of three key members. Investors should watch for new trade treaties within ECOWAS to compensate for the “exit shock,” as the commission seeks to prove that the bloc remains economically viable without the Sahelian trio.

    Source: Daily Trust – https://dailytrust.com/ecowas-targets-5-growth-for-west-african-countries-in-2026/ , January 31, 2026

    Photo credit: Daily Trust

  • Nigeria moves to modernise trade data and policy coordination to deepen AfCFTA gains

    Nigeria moves to modernise trade data and policy coordination to deepen AfCFTA gains

    2026-01-02 06:00:00
    Reporting by Punch indicates the federal government is planning a policy and data overhaul aimed at improving Nigeria’s execution under the African Continental Free Trade Area (AfCFTA), including tighter coordination and clearer trade metrics.

    Officials say the push is designed to make Nigeria’s participation more measurable—capturing trade flows and ensuring the country can track performance in both goods and services under AfCFTA rules.

    The reforms also aim to improve policy clarity and reduce fragmentation across agencies involved in trade facilitation, border processes, and export promotion.

    In Nigeria’s AfCFTA Achievements Report 2025 published via the trade ministry, the plan states the AfCFTA coordination structure will “update the relevant trade data systems to include disaggregated metrics” for AfCFTA goods and services. In a public update, the minister’s office notes Nigeria is working to “reinvigorate AfCFTA implementation” and widen effective market access for Nigerian businesses through preferential terms.

    Echotitbits take: Data is the quiet engine of trade competitiveness. If this overhaul actually standardises how Nigeria counts AfCFTA trade (including informal and services flows), it will sharpen policy choices—from export incentives to port reforms. Watch for new dashboards, upgraded customs/trade reporting, and whether SMEs can access the practical “how-to-export” guidance that makes the numbers real.

    Source: The Punch — January 2, 2026 (https://punchng.com/fg-plans-policy-data-overhaul-to-deepen-afcfta/)
    The Punch 2026-01-02

    Photo Credit: The Punch

  • Video: Another ‘Trade War’ is Brewing Between Nigeria and Ghana

    Video: Another ‘Trade War’ is Brewing Between Nigeria and Ghana

    Another round of ‘retail trade war’ is now brewing between Nigerian traders and their Ghanaian counterparts over the legal status of traders that should operate at the retail market located at Kwame Nkrumah Interchange (Circle) in Ghana.

    While Nigerians under the aegies of the Nigerian Union of Traders Association Ghana (NUTAG) expressed shock at the Ministry of Trade and Industry for locking up nearly 50 shops of its members in Accra on Thursday under what it described as questionable circumstances, the Ghana Union of Traders Association (GUTA) claimed that majority of foreign retailers in the country do not have permits to engage in retailing.

    But, NUTAG President, Chukwuemeka Nnaji, said his members have the right documentation to operate in the retail market and they also comply with the taxes they are expected to pay.

    Nnaji, in an interview, said the Nigerian traders were not treated fairly, even with their official and legal documentations to support their business operations in Ghana.

    According to him, “We got a notice that a Ghanaian committee will come to inspect the documentations of the Nigerian traders. We alerted all our members to get ready for the inspection.

    “The Ghanaian Task Force began the inspection at Abossey Okai and arrived at Kwame Nkrumah Interchange (Circle) on Thursday.

    “But we were shocked to see the task force forcefully try to lock up our shops even though we have the right documents to operate in Ghana.”

    It’s alleged that Ghanaian traders have been mounting pressure on their Nigerian counterparts to pay more for their business operations in Ghana.

    The Nigerian traders were initially asked to pay a sum of $300,000 to register for retail trade in Ghana, which runs contrary to the treaty of the Economic Community of West African States (ECOWAS). For them to remain in business, the traders rallied round themselves and put resources together to get a group licence with which they were able to secure different shop outlets.

    The latest information alleged that Ghanaian government is now demanding for a sum of $1 million to be paid by the Nigerian traders in order to remain in business.

    It would be recalled that GUTA had been accusing majority of foreign retailers in Ghana of not having permits to engage in retailing.

    Relying on the GIPC Act, 2013 (865), GUTA argued that the law spells out the terms and conditions under which foreigners can engage in retailing in Ghana.

    The law bars the “sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place” by foreigners.

    GUTA recently warned Ghanaian government of an impending massive job losses in the retail market if proposals to review restrictions in that space are allowed.

    In November 2019, GUTA closed about 600 shops owned by foreigners, mainly Nigerians, relying on the GIPC Act.

    The shops were reopened after months of closure. In order to address all the grey areas, a Presidential Committee on Foreign Retail Trade was instituted in February 2020.

    Speaking on the matter on February 4, 2020, a representative of the Minster of Trade, Ntim Odonkor, said: “The issue of foreigners taking over trading activities reserved for Ghanaians which has been your concern sometime has also come to the notice of government.

    “As directed by his Excellency, a technical sub-committee has been put together to ensure the implementation of the president’s directives on this matter.

    “Secondly, parliament has charged its subsidiary committee on Trade, Industry to study and make recommendations in a by-partisan manner with a view to finding a sustainable solution to this issue.”

    It’s not cleared if the the Ghanaian Task Force is implementing the modified directives of Mr. President (Nana Akufo-Addo) or fresh recommendations by the subsidiary committee on trade and industry in the parliament.

    Video:

     

    By Idowu Sowunmi