Nigeria Champions $2 Trillion Commonwealth Trade Agenda at IMF, World Bank Meetings
Nigeria has joined other Commonwealth nations in a bold push to unlock a $2 trillion trade agenda aimed at boosting economic ties, strengthening resilience, and promoting sustainable growth across member countries. The announcement, made by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, came during high-level meetings of Commonwealth Finance Ministers on the sidelines of the 2025 World Bank and International Monetary Fund (IMF) Annual Meetings in Washington, D.C.
The Commonwealth Secretariat notes that intra-Commonwealth trade is on average 21% cheaper than trade with non-member countries due to shared languages, legal systems, and institutional frameworks that lower transaction costs. Officials project that trade among member nations could reach $2 trillion by 2030, provided there is sustained investment in connectivity, trade facilitation, and technological innovation to drive economic growth.
During the discussions, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, underscored the country’s commitment to the Commonwealth’s development agenda. She emphasized the need for increased funding to accelerate poverty reduction, job creation, and sustainable economic transformation across member states. “With collective action and determination, the Commonwealth nations are set to achieve a brighter economic future, driving growth, prosperity, and improved livelihoods for millions,” Manga added.
The initiative echoes previous calls by President Bola Tinubu for deeper trade cooperation among Commonwealth countries. In a 2024 op-ed in the U.K.-based Telegraph, Tinubu encouraged economically advanced member nations to prioritize imports of food and materials from African countries and to establish processing facilities locally, a strategy aimed at creating jobs and strengthening local economies.
Nigeria’s delegation to the 2025 IMF and World Bank meetings, led by Central Bank Governor Olayemi Cardoso in place of the Minister of Finance, demonstrates the country’s proactive engagement with global financial institutions amid ongoing macroeconomic reforms. The government’s participation reflects a broader commitment to leveraging international partnerships to accelerate economic recovery and promote long-term sustainable development.
source: Nairametrics