Nigeria has joined other Commonwealth nations in advancing a new $2 trillion trade initiative designed to deepen economic integration, strengthen resilience, and foster sustainable development across member countries.
The development was announced in a statement signed by Mohammed Manga, FCAI, Director of Information and Public Relations at the Federal Ministry of Finance, on Monday. The statement followed Nigeria’s participation 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.
The meeting brought together finance ministers and economic policymakers from Commonwealth member states to discuss strategies for leveraging the bloc’s unique economic ties and institutional frameworks to enhance trade, investment, and innovation.
According to data from the Commonwealth Secretariat, intra-Commonwealth trade is approximately 21% cheaper than trade with non-member nations. This cost advantage stems from shared legal systems, common language, and similar institutional frameworks that help to lower transaction and regulatory costs across member economies.
The Secretariat further projected that trade among Commonwealth nations could expand to $2 trillion by 2030, if member states make targeted investments in connectivity, digital infrastructure, trade facilitation, and innovation ecosystems.
Representing Nigeria, the Minister of State for Finance, Dr. Doris Uzoka-Anite, reaffirmed the country’s commitment to supporting the Commonwealth’s development goals, particularly in areas aligned with Nigeria’s national priorities of economic diversification, digital transformation, and inclusive growth.
“Nigeria remains fully committed to the Commonwealth’s shared vision of prosperity through trade and cooperation,” Uzoka-Anite stated. “We are focused on building a more resilient and inclusive economy that creates opportunities for our youth, supports industrialization, and accelerates progress toward poverty reduction.”
She also underscored the need for increased development financing, particularly for emerging economies within the Commonwealth, to enable them to harness the benefits of trade expansion and economic integration.
Manga, in the ministry’s statement, reiterated that the Commonwealth platform offers a strategic opportunity for Nigeria and other member nations to strengthen partnerships, share expertise, and scale up sustainable investments across critical sectors.
“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,” he noted.
Analysts say the renewed push toward intra-Commonwealth trade could position Nigeria as a key player in Africa’s trade diversification efforts, particularly as the country continues to implement the African Continental Free Trade Area (AfCFTA) and other multilateral trade frameworks.
The Commonwealth, made up of 56 member countries, represents about one-third of the world’s population and 15% of global trade, offering vast potential for economic collaboration and investment-led growth among developing and advanced economies alike.
