The Federal Government of Nigeria has called for greater investments in ports and digital platforms to support cross-border trade among West African countries.
This call was made by the Minister of Industry, Trade and Investment, Mrs. Jumoke Oduwole, on Friday during her keynote address at the 2025 West Africa Economic Summit (WAES), currently taking place in Abuja and attended by Nairametrics.
The announcement comes after the Nigerian Ports Authority (NPA) confirmed the creation of Export Process Terminals (EPTs) aimed at simplifying the process of exporting Nigerian goods.
According to Mr. Asuquo Okon, Principal Manager, Tariff and Billing at NPA, the EPTs will act as a one-stop shop for cargo consolidation, stuffing, documentation, packaging, certification, and shipment, coordinated via an electronic call-up system to the ports.
Speaking on the topic “One Market, One Future…Building Scalable Industries Across Borders,” Oduwole noted that West African businesses, especially MSMEs, continue to face high border costs, inconsistent duties, and bureaucratic challenges, particularly on products that don’t qualify under the ECOWAS Trade Liberalization Scheme.
She said these issues often make global trade more appealing than trading within the region.
She urged other African nations to “support businesses not only to survive, but to grow across borders, which means investing in infrastructure, ports, logistics corridors, and digital platforms that enable seamless trade.”
She added, “Access to finance, especially for women- and youth-led enterprises that are often excluded from credit systems, is crucial.
Trade intelligence and data are needed to help producers understand regional demand, pricing, and market opportunities.”
Oduwole also pointed out that harmonizing standards across the region would boost investment and competitiveness, giving investors confidence that trade rules won’t vary from one border to another.
She stressed that the idea of a unified African market is not just an ideal but a necessity.
“Inter-African trade accounts for under 20% of Africa’s total trade, compared to 58% in Asia and 67% in Europe.
In West Africa specifically, trade among countries remains under 10%, despite shared borders, language clusters, decades of integration efforts, and initiatives.”
“Achieving one market requires harmonizing product standards to unlock cross-border supply chains, aligning customs procedures to reduce delays and corruption, and investing in digital platforms for predictable and paperless trade processes,” she said.
She reaffirmed Nigeria’s commitment to regional integration through its support for the ECOWAS Trade Liberalization Scheme and the ECOWAS Common External Tariff.
“In April 2025, following Mr. President’s approval, we gazetted our provisional schedule of tariff concessions for trading goods under the AfCFTA framework,” she said.
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She further stated that under the leadership of President Bola Ahmed Tinubu, Nigeria is positioning itself as a preferred destination for long-term investment, aligning with the newly adopted AfCFTA Protocol on Investment.
“We have moved with speed and courage to implement most of the ambitious fiscal, monetary, and trade policy reforms in recent history, from full subsidy removals and exchange rate unification, to implementing AfCFTA protocols, to institutional strengthening and fiscal coordination.
These reforms are yielding results,” she said.
She noted that investor interest has grown, with over USD50 billion in tracked investment interest recorded since May 2023, and that attention is shifting toward sectors with potential for scale, strong returns, and long-term value.
Also speaking at the event, the Minister of State for Foreign Affairs, Bianca Odumegwu Ojukwu, encouraged stakeholders to stay focused on tangible outcomes that will improve trade and investment in the region.
She said the region must now focus on protecting the ECOWAS bloc and expanding industries through visionary integration reforms.
WAES 2025 is a presidential initiative spearheaded by President Bola Ahmed Tinubu and executed by Nigeria’s Ministry of Foreign Affairs.
The two-day summit is themed “Unlocking Trade and Investment Opportunities in the Region,” and aims to enhance regional cooperation, stimulate cross-border investment, and promote sustainable growth in trade, energy, agriculture, infrastructure, digital finance, and integration.
The summit will conclude on Saturday with the participation of Heads of State and Government, senior policymakers, business leaders, development institutions, and youth innovators from across West Africa.
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