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In 2018, Nigeria exported and imported goods to and from the rest of Africa to the value of US$7 billion and US$1.3 billion, respectively. On the other hand, over 60% of total African trade is with countries that are oceans away from the continent.

Boosting Intra-African Trade?

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0000092091 00000 n There have been slight improvements in the past 10 years, though, as the share of African countries’ exports within the continent have slightly increased. One of its main goals is to ensure the smooth and free movement of goods, services and member States citizens within the bloc and to improve economic integration. Its average GDP growth of 5.2 percent consistently outpaces that of the rest of the world.

Goods imported from CEN-SAD countries, which are not ECOWAS member states (including Egypt, Morocco, Somalia and Tunisia) and the rest of Africa are levied the MFN applied duty.

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One such project in ECOWAS is the construction of the Dakar-Lagos corridor. 0000181902 00000 n

0000186192 00000 n 0000099491 00000 n 0000153692 00000 n Intra-Africa exports accounts for 13% of Nigeria’s total exports and imports for 4% of total imports for 2018.

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As such, one would expect a significantly higher intra-regional trade volume compared to trade with rest of the world. Your username will be emailed to the email address on file.

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This road will connect 11 Countries from Senegal to Nigeria along the Atlantic Ocean coast. 0000113831 00000 n 0000101418 00000 n

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Sub-Saharan Africa is one of the fastest growing regions in the world. 0000095974 00000 n 0000104802 00000 n In fact, Intra-African trade is the lowest compared to intra-regional trade in other continents.The obstacles to Intra-African in general and West-African trade in particular are of multiple orders. 0000183038 00000 n

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In 2016, intra-African exports made up 18 percent of total exports, compared to 59 and 69 percent for intra-Asia and intra-Europe exports, respectively. 0000180761 00000 n

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Total trade from Africa to the rest of the world averaged US$760 billion in current prices in the period 2015–2017, compared with $481 billion from Oceania, $4,109 billion from Europe, $5,140 billion from America and $6,801 billion from Asia. trailer < 0000190743 00000 n 0000099460 00000 n

0000108078 00000 n 0000113436 00000 n 0000035904 00000 n 0000101205 00000 n 0000157572 00000 n Accordingly, Nigeria’s trade with countries outside ECOWAS account for 55% and 83% of intra-Africa exports and imports respectively.Intra-ECOWAS exports account for 45% of Nigeria’s intra-Africa exports and for only 16% of intra-Africa imports.Apart from South Africa, other African destination markets for Nigeria’s exports include Cameroon, Egypt, Namibia and Mozambique.Main African source markets (excluding South Africa) are Morocco, Egypt, eSwatini and Tunisia.Nigeria subscribes to the ECOWAS ETLS enabling all qualifying goods sourced from approved producers in the other ECOWAS member states to be imported into Nigeria duty-free.

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Even if allowance is made for Africa’s unrecorded informal cross-border trade, the total level of intra-African trade is not likely to be more than 20%, which is still lower than that of other major regions of the world. 0000180573 00000 n

ECDPM.

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