Commonwealth: Nigeria pushes for $2 trillion trade at IMF, World Bank meetings 

Nigeria has joined other Commonwealth nations in a push to unlock a $2 trillion trade agenda aimed at deepening economic ties, strengthening resilience, and fostering sustainable growth across member countries.

This was contained in a statement signed by Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, FCAI on Monday.

According to the statement, the initiative was a key highlight at a high-level meeting of Commonwealth Finance Ministers held on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings in Washington D.C.

According to the Commonwealth Secretariat, intra-Commonwealth trade is, on average, 21% cheaper than trade with non-member countries, largely due to shared language, legal systems, and institutional frameworks that reduce transaction costs.

The Secretariat projects that trade among member nations could grow to $2 trillion by 2030, provided the right investments are made in connectivity, trade facilitation, and innovation.

Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, speaking during the discussions, emphasized Nigeria’s commitment to supporting the Commonwealth’s development agenda and called for increased funding to accelerate progress toward poverty reduction, job creation, and sustainable economic transformation.

“With collective action and determination, the Commonwealth nations are set to achieve a brighter economic future, driving growth, prosperity, and improved livelihoods for millions across the Commonwealth of nations,” Manga stated. 

What you should know 

In June, the Commonwealth Secretary-General, Hon. Shirley Ayorkor Botchwey, during her remarks at the Commonwealth Trade Ministers’ Meeting in Windhoek, Namibia, reaffirmed that the organisation’s core agenda is to unlock the full potential of Commonwealth trade and investment, with a strategic goal to increase intra-Commonwealth trade to $2 trillion by 2030.

• In a statement issued on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, had said Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, would lead Nigeria’s delegation to the 2025 Annual Meetings of the World Bank and International Monetary Fund (IMF) scheduled to begin on Monday.
• Cardoso is representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who is reportedly indisposed.
• The statement said Nigeria’s participation demonstrates the administration’s commitment to engaging with global financial institutions as the country navigates significant macroeconomic reforms.
• The 2024 IMF & World Bank Annual Meetings, Nigeria was led by the Minister of Finance and the Central Bank Governor.
• In an Op-ed published by U.K.-based Telegraph, in 2024, President Bola Tinubu called on larger and more economically advanced members of the Commonwealth to prioritise food and material imports from African countries to boost trade relations in the Commonwealth.

He also called for greater trade relations between members of the Commonwealth.

According to him, Commonwealth countries could import fresh produce such as coffee from African countries at preferential rates and in return set up processing factories here in Africa thereby creating jobs and enhancing local economies.