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Sunday, November 27, 2022

Nigeria, Ghana Urged to look at AfCFTA Opportunities

Dr. Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI), has suggested that Nigeria and Ghana must pursue opportunities that may arise as a result of the implementation of the African Continental Free Trade Area (AFCFTA). 

Olawale-Cole, who made the announcement during the Ghana Nigeria Business Council CEO Forum, said Nigeria and Ghana have had a bilateral partnership for more than five decades based on common interests in both nations’ economic growth agendas and shared prosperity for the West African region.  

He also mentioned that the connection between the West Africa subregion’s two major economies has evolved beyond commercial commerce to international trade in products and services. 

According to the LCCI president, Nigeria has the second largest business portfolio in Ghana, after only China. 

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Olawale-Cole went on to say that the two countries’ relationship has recently suffered a series of setbacks as a result of trade attacks and disputes, noting that discriminatory trade policies, high tariffs, border closures, and a “harsh business environment” have all had a negative impact on trade volumes.  

He suggested that the chamber of commerce and the business council work diligently to increase trade between the two nations’ neighbors. 

The LCCI will continue to push efforts for a free market economy, boost bilateral collaboration, and advance continental integration, according to Olawale-Cole.  

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