According to figures from the National Bureau of Statistics (NBS), Nigeria’s trade in goods with the rest of Africa in the last five years was N15.85 trillion.
The data is for 2018 through September of current year. The amount represents 9.3% of the nation’s overall international commerce during that time, highlighting the meager level of intra-African trade.
The value of commerce between the nation and the Economic Community of West African States (ECOWAS) members averaged N1.42 trillion each year over that time, totaling N7.09 trillion or 4.2% of all trade during that time.
Nigeria’s foreign commerce during that time was estimated to be worth N170.27 trillion, with exports accounting for somewhat more, 52.6% of the nominal value.
According to the historical pattern, Nigeria dominated regional commerce throughout the period under study. Exports totaled N12.76 trillion, or 80.5 percent, of the N15.85 trillion in regional commerce, while imports were a pitiful N3.09 trillion.
Additionally, 7.5% of the trade value in the period was made up of items imported through authorized methods from other ECOWAS nations. The value was N528.6 billion, compared to the nation’s exports to neighbors, which increased by roughly 12 times (N6.36 trillion).
The NBS numbers support the low intra-regional commerce, which is modest, anemic at best, and largely regressive.
For instance, the amount increased by approximately 80% in 2019 to N5.03 trillion before declining by 44.7% the following year. The value of commerce between the largest regional economy and other African nations somewhat increased last year (6.6 per cent).
The valuation was N2.28 trillion as of September, which brings the annualized projection to N3.04 trillion, or roughly 2.5% more than last year’s performance.
Foreigners are reportedly allowed to move around the continent more easily than Africans themselves, according to the African Regional Integration Index, which does not reflect past attempts to advance the single market and free movement agenda.
With a score of 0.383 on average, trade integration across the African continent is ranked towards the bottom of the scale. It also notes that average import taxes and average non-tariff trade barriers are higher in Africa.
In a few weeks, the African Continental Free Trade Area (AfCFTA) will turn two years old. However, the treaty’s full commerce has not yet started. Similar to how the single currency roadmap has been entwined with neo-colonialism, there are now more discussions than actual measures on the anticipated African Union visa plan.
Africans need visas for about 47% of their domestic travel, while some nations still demand transit permits. The single air transportation market continues to be an illusion. These are a few of the issues that have impeded trade inside the African continent.
