Well increase nigerias share of intra african trade osinbajo

A great topic!

Vice President Yemi Osinbajo has indeed emphasized the importance of increasing Nigeria's share of intra-African trade. Here are some key points on the issue:

Current situation: Nigeria is the largest economy in Africa, but its share of intra-African trade is relatively low. According to the African Development Bank, in 2018, Nigeria's intra-African trade accounted for only about 12% of its total trade, which is lower than the African average of 16%.

Challenges: Several factors contribute to Nigeria's low share of intra-African trade, including:

  1. Infrastructure: Nigeria's infrastructure, particularly in the transportation sector, is underdeveloped, making it difficult and expensive to move goods across borders.
  2. Bureaucracy: Complex and time-consuming customs procedures, as well as corruption, can hinder trade between Nigeria and other African countries.
  3. Lack of trade agreements: Nigeria has not signed many trade agreements with other African countries, which limits its access to new markets and trade opportunities.
  4. Competition from other regions: Nigeria's proximity to Europe and the United States makes it easier for the country to trade with these regions, which can divert attention and resources away from intra-African trade.

Osinbajo's vision: Vice President Osinbajo has emphasized the need to increase Nigeria's share of intra-African trade to boost economic growth, create jobs, and reduce poverty. He has identified several strategies to achieve this goal, including:

  1. Improving infrastructure: Osinbajo has called for the development of modern infrastructure, such as seaports, airports, and roads, to facilitate the movement of goods across borders.
  2. Simplifying customs procedures: He has advocated for the simplification and automation of customs procedures to reduce the time and cost of doing business across borders.
  3. Promoting trade agreements: Osinbajo has emphasized the need for Nigeria to sign more trade agreements with other African countries to increase trade opportunities and reduce tariffs.
  4. Encouraging private sector participation: He has encouraged the private sector to play a more active role in promoting intra-African trade by investing in infrastructure, logistics, and trade facilitation services.

Progress: Under Osinbajo's leadership, Nigeria has made some progress in increasing its share of intra-African trade. For example:

  1. AfCFTA: Nigeria is a signatory to the African Continental Free Trade Area (AfCFTA), which aims to create a single market for goods and services across Africa.
  2. Trade agreements: Nigeria has signed trade agreements with several African countries, including Ghana, Côte d'Ivoire, and South Africa.
  3. Infrastructure development: The Nigerian government has launched several infrastructure development projects, including the construction of new seaports and the upgrade of existing ones.

While there is still much work to be done, Osinbajo's efforts have helped to raise awareness about the importance of increasing Nigeria's share of intra-African trade and have laid the foundation for future growth and development in this area.