Nigeria’s Minister of Finance, Wale Edun, says trade between Arab and African nations is on track to grow by more than $37 billion over the next three years.
Edun made the projection in Abuja at the Agribusiness Matchmaking Forum, held ahead of the AATB Board of Governors Meeting. He stressed that deeper agribusiness and industrial collaboration is crucial to unlocking shared prosperity across both regions.
He urged regional partners to shift away from exporting raw commodities and instead prioritise value addition. “Partners should prioritise value addition rather than raw commodity exports,” Edun said.
Push for Stronger Regional Partnerships
The minister called for intensified economic cooperation between African and Arab countries, noting that shifting global economic dynamics require stronger regional markets, investments, and partnerships.
He added that Nigeria’s growing industrial base and upcoming National Single Window reforms would improve efficiency, attract new investments, and boost private-sector participation. “This is a moment to turn opportunity into action,” he declared. “By working together, we can build stronger value chains, create jobs, and support prosperity across our regions.”
Nigeria’s Trade Surplus Climbs in Q2 2025
Nigeria recorded a notable improvement in external trade performance in the second quarter of 2025, with its trade surplus rising 44.3 per cent to N7.46 trillion, up from N5.17 trillion in Q1.
According to the latest Foreign Trade in Goods Statistics from the National Bureau of Statistics (NBS):
- Total exports hit N22.75 trillion, a 10.5 per cent rise from Q1 and 28.4 per cent higher than Q2 2024.
- Imports slipped slightly by 0.9 per cent to N15.29 trillion, widening the trade surplus.
- Crude oil exports, valued at N11.97 trillion (52.6% of total exports), fell 5.1 per cent year-on-year.
- Other petroleum products surged to N7.74 trillion, nearly doubling year-on-year on the back of strong gas and refined product exports.
- Non-oil exports rose to N3.05 trillion, representing 13.4 per cent of total exports.
Private Sector Steps Up: New Africa Trade Engine Launched
In a related development, TRT Manufacturing and TradeDepot have launched the Africa Trade Engine (ATE), a joint venture aimed at bridging Africa’s $50 billion annual import gap.
The ATE seeks to strengthen local production and boost intra-African trade. Positioned as a private-sector accelerator for the African Continental Free Trade Area (AfCFTA), the initiative integrates industrial capacity, digital trade systems, and logistics networks to reshape how goods are made and moved across the continent.
