The Speaker of the House of Representatives Hon. Abbas Tajudeen, has expressed the possibility of Nigeria increasing its earning to about $2.5 billion annually from bilateral trade with Morocco.

The Speaker, who was represented by the Majority Leader, Hon. Julius Ihonvbere, made this known on yesterday at a meeting with stakeholders on Nigeria-Morocco trade relations held in his office.

Abbas in a statement issued by his Special Adviser on Media and Publicity, Musa  Krishi, said the current trade percentage between Nigeria and Morocco was said to have barely increased to 1.88 per cent in the last five years.

He said: “If the trade barriers are removed, the possibility of increased trade relations by way of exports and imports would increase between the two countries.”

Abbas noted that he expected the interaction would critically review the trade relations between Nigeria and Morocco to recommend changes that are legislatively necessary to improve trade relations and enable businesses from both countries to take maximum advantage of AfCFTA and other bilateral trade agreements to grow the GDP of our both countries.

He added: “We are prepared to partner with the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Foreign Affairs and other relevant institutions, agencies, and corporate organisations to ensure that all trade barriers are resolved and removed.

 “We are ready to work with our counterparts in the Parliament of Morocco through our Parliamentary Friendship Group with Morocco to speedily resolve any areas that need legislative attention.”

Also, the Minister of Industry, Trade and Investment, Dr Olajumoke Oduwole, said she had assurances of the Minister of Finance and Coordinating Minister of the Economy, Dr. Wale Edun, that the federal government would prioritise the AfCFTA.

Oduwole also noted that the issue of double taxation, which the government is reviewing, would require the intervention of more stakeholders.

While noting that trade between Nigeria and Morocco revolve around petroleum, agriculture, telecommunications and financial technology, she stressed that the  two countries have a great trading relationship, adding that though the trade volumes are gradually increasing, there was room for improvement.

Oduwole noted that Nigeria and Morocco can explore more opportunities in the banking, telecoms, and energy sectors, especially on the green/renewable energy market and the trans-Sahara pipeline project. She also mentioned a direct shipping link between Nigeria and Morocco.

The minister, however, stated that some of the issues were beyond her ministry and required the involvement of other relevant ministries, departments, and agencies.

The Ambassador of Morocco to Nigeria,  Tagma Moha Ou Ali, noted that Morocco and Nigeria share deep historical relationships and goals in Africa.

He also noted that trade between the two countries has recorded significant progress in recent years.

 “We have to boost agriculture and industrial collaboration,” he said , while calling on financial institutions in Morocco and Nigeria to work closely to facilitate financial support for trade between the two countries.