Small businesses in Nigeria stand to benefit from a newly endorsed Framework for Enhanced Economic Cooperation between Nigeria and the Republic of Benin. Signed at the 2025 West Africa Economic Summit in Abuja, the agreement aims to unlock cross-border trade and investment opportunities—especially for SMEs—by streamlining trade policies and strengthening regional ties.
Witnessed by Presidents Bola Tinubu and Patrice Talon, the framework outlines four strategic pillars: Trade in Goods, Trade in Services and Private Sector Engagement, Customs Procedures and Trade Facilitation, and Legal and Institutional Reforms.
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Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, led the Nigerian delegation. She highlighted the framework's alignment with the African Continental Free Trade Area (AfCFTA) and its potential to open new markets for Nigerian entrepreneurs. "This is a major step toward enabling structured and fair cooperation that directly benefits our small businesses," she noted.
With negotiations for a formal Memorandum of Understanding set to begin in late 2025, the framework is expected to ease customs bottlenecks, promote SME-friendly trade practices, and enhance investor confidence.
For Nigeria's growing SME sector, this development signals improved market access, lower trade costs, and stronger institutional support across West Africa—paving the way for sustainable growth and competitiveness.
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