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LequteMan
Guest
The African Development Bank (AfDB) has reaffirmed that Nigeria is West Africa’s largest market with great potential to be a main driver of regional integration considering its population.
This was contained in the West African Mid-Term Review and Regional Portfolio Performance Review Paper 2011 – 2015 of the AfDb obtained by the News Agency of Nigeria (NAN).
According to the report, with the gross domestic product (GDP) rebasing, Nigeria now has the largest economy in Africa and a great potential for its services and manufacturing sectors.
It said the country also attracted half of the Foreign Direct Investment (FDI) coming into the region with about 45 per cent in 2012.
“Nevertheless its intra-regional trade has been steadily decreasing, now constituting less than one per cent of the country’s total imports and three per cent of its export.
“Informal trade networks however are significantly larger, most notably for agricultural goods, petroleum products, and re-export trade.
“On the investment side, the role of Nigeria is certainly more prominent, with various Nigerian companies having significant impact in the regional market particularly banking services,” it said.
The report stated that goods such as cement, cassava flour and other goods from Nigerian companies served the needs of their client across West Africa.
It said that closer integration with the region would require Nigeria to open its markets to regional exports, adding there was need for a change of perspective on the neighboring countries.
According to the report, it is more crucial for the country to treat its regional neighbours more as partners rather than merely clients.
“Regional value chains have a real potential, particularly given the developments in regional transport and connectivity infrastructure.
“Increasing trade volumes will require improvements in regional corridors reducing frictions related to non-tariff barriers, as well as accountability and transparency in regulations, both on the national and on the regional level,” it said.
#Nigeria #AfDB
This was contained in the West African Mid-Term Review and Regional Portfolio Performance Review Paper 2011 – 2015 of the AfDb obtained by the News Agency of Nigeria (NAN).
According to the report, with the gross domestic product (GDP) rebasing, Nigeria now has the largest economy in Africa and a great potential for its services and manufacturing sectors.
It said the country also attracted half of the Foreign Direct Investment (FDI) coming into the region with about 45 per cent in 2012.
“Nevertheless its intra-regional trade has been steadily decreasing, now constituting less than one per cent of the country’s total imports and three per cent of its export.
“Informal trade networks however are significantly larger, most notably for agricultural goods, petroleum products, and re-export trade.
“On the investment side, the role of Nigeria is certainly more prominent, with various Nigerian companies having significant impact in the regional market particularly banking services,” it said.
The report stated that goods such as cement, cassava flour and other goods from Nigerian companies served the needs of their client across West Africa.
It said that closer integration with the region would require Nigeria to open its markets to regional exports, adding there was need for a change of perspective on the neighboring countries.
According to the report, it is more crucial for the country to treat its regional neighbours more as partners rather than merely clients.
“Regional value chains have a real potential, particularly given the developments in regional transport and connectivity infrastructure.
“Increasing trade volumes will require improvements in regional corridors reducing frictions related to non-tariff barriers, as well as accountability and transparency in regulations, both on the national and on the regional level,” it said.
#Nigeria #AfDB
