Nigeria, Benin Republic Strengthen Economic Ties with New Trade Agreement.

Nigeria and the Republic of Benin have reached a landmark agreement to strengthen bilateral trade through the establishment of a new trade and economic cooperation framework. This agreement was formalized during a high-level meeting held in Abuja between Nigerian officials and a delegation from Benin led by the country’s Minister of Industry and Trade, Mrs. Shadiya Assouman.

The meeting, which included Nigeria’s Minister of Industry, Trade, and Investment, Doris Nkiruka Uzoka-Anite, emphasized both countries’ commitment to enhancing economic collaboration, especially within the context of the African Continental Free Trade Area (AfCFTA). The new trade framework aims to remove bottlenecks at the borders, harmonize trade regulations, and improve customs cooperation. The ultimate goal is to foster a seamless trading environment that promotes the free flow of goods and services between both nations.

Key areas highlighted in the agreement include boosting agricultural trade, promoting industrial development, and facilitating investment in infrastructure, logistics, and manufacturing. Both countries also expressed a mutual interest in tackling illicit trade, smuggling, and product dumping, which have historically strained trade relations.

Furthermore, the agreement supports joint efforts to modernize border facilities, adopt digital platforms for trade documentation, and create a trade facilitation committee comprising representatives from both countries to monitor progress and address disputes.

The ministers reaffirmed their commitment to leveraging their shared borders for economic integration and regional development. They acknowledged that sustainable development in West Africa hinges on stronger bilateral ties and a harmonized regional trade policy.

This collaboration marks a new chapter in Nigeria-Benin relations, aiming to unlock new opportunities for entrepreneurs, manufacturers, and consumers across both countries. The agreement also aligns with broader ECOWAS goals for regional integration and economic transformation.