Ivorien Ambassador Announces Milestone: Nigeria-Cote d’Ivoire Trade Surges to $1.5 Billion

Infostride News has reported that the Ambassador of Cote d’Ivoire to Nigeria, Kalilou Traore, has revealed that the official trade volume between his country and Nigeria has now reached approximately $1.5 billion. In an interview with the News Agency of Nigeria (NAN) on Sunday, Traore discussed the current state of trade relations and emphasized the potential for further growth, particularly in the manufacturing sector.

According to Traore, the $1.5 billion official trade volume includes crude oil, as the Cote d’Ivoire refinery is supplied by Nigeria. He highlighted the diverse range of manufacturing products being traded between the two countries, including cement from Nigeria, agricultural products, food items, and cosmetics such as soap. Despite the substantial trade volume, Traore expressed optimism about the room for improvement, especially in expanding the scope of manufacturing trade.

“We have a very high potential to improve on the volume of trade, particularly in the area of manufacturing products. You know, Nigeria is the biggest economy in the sub-region, Cote d’Ivoire also after Nigeria is one of the biggest economies in the sub-region. Particularly in Francophone countries, Cote d’Ivoire is the biggest. So, these are two captains that have the possibility,” Traore stated.

The ambassador underlined the importance of collaboration between Cote d’Ivoire and Nigerian entities to boost trade. He mentioned that Cote d’Ivoire now works closely with Nigerian business associations, the Nigeria Customs Service, the Federal Ministry of Industry, Trade and Investment, and the Ministry of Foreign Affairs to enhance trade relations between the two nations.

In terms of import and export dynamics, Traore acknowledged Nigeria’s significance as an importer and highlighted an opportunity for Côte d’Ivoire to supply some of the products that Nigeria currently imports. He emphasized ongoing efforts to facilitate swift developments in the manufacturing sector, aiming to capitalize on the complementary nature of the two economies.

“Cote d’Ivoire also imports a lot, some of the products Cote d’Ivoire imports can be supplied by Nigerian industries. We are working to make this happen quickly in the manufacturing sector,” Traore explained.

The report by Infostride News underscores the broader regional context, noting that Nigeria and other countries in the Economic Community of West African States (ECOWAS) sub-region are looking to increase the volume of trade between them. This initiative aligns with the goals of the Africa Continental Free Trade Agreement (AfCFTA), a pan-African trade agreement aimed at creating a single market for goods and services, facilitating the movement of people, and fostering economic integration across the continent.

In a related development, the African Development Bank (AfDB) recently approved funds amounting to $15.6 billion for the construction of the 1080km Lagos-Abidjan highway. The infrastructure project is expected to enhance connectivity and facilitate the ease of movement of people, goods, and services between Nigeria and Cote d’Ivoire. The approval of these funds signifies a commitment to promoting regional trade and economic cooperation within the ECOWAS sub-region.

In conclusion, the trade relations between Cote d’Ivoire and Nigeria, as reported by Infostride News, reflect a positive trajectory with a current official trade volume of $1.5 billion. Ambassador Kalilou Traore’s insights into the collaborative efforts and the potential for growth, especially in the manufacturing sector, highlight the importance of fostering stronger economic ties between these two significant players in the West African region. As regional integration efforts continue, initiatives like the AfCFTA and infrastructure projects such as the Lagos-Abidjan highway further underscore the commitment to enhancing economic cooperation and facilitating trade within the ECOWAS sub-region.