Nigeria Pushes for $2 Trillion Commonwealth Trade Target at IMF-World Bank Meetings
Nigeria has joined other Commonwealth nations in pushing for an ambitious $2 trillion intra-Commonwealth trade target by 2030, during the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C.
At a high-level meeting of Commonwealth finance ministers held on the sidelines of the global financial gathering, Nigeria reaffirmed its commitment to the Commonwealth’s development agenda and called for stronger cooperation among member nations to boost trade, investment, and economic resilience.
Represented by the Governor of the Central Bank of Nigeria, Olayemi Cardoso who is leading Nigeria’s delegation to the meetings Nigeria emphasized the need for increased investment in trade connectivity, trade facilitation, institutional reforms, and innovation across member states.
The Commonwealth Secretariat projects that intra-Commonwealth trade could reach $2 trillion by the end of the decade, supported by shared legal systems, language, and institutional familiarity that make trade among members about 21 percent cheaper compared to non-members.
Nigeria’s advocacy for deeper Commonwealth trade ties is in line with President Bola Tinubu’s economic reform agenda aimed at diversifying exports, attracting foreign investment, and expanding non-oil trade.
Experts believe that achieving the $2 trillion target will require significant improvements in infrastructure, logistics, digital trade, and regulatory harmonization among member countries.
The IMF and World Bank Annual Meetings, which bring together global finance leaders, policymakers, and development institutions, are focusing this year on strategies for global growth, debt sustainability, and trade resilience amid rising geopolitical tensions and inflationary pressures.
A critical component of the strategy discussed by the ministers was the need to mobilize greater development financefor infrastructure and digital transformation projects across the bloc. Nigeria’s delegation, in particular, stressed the importance of increased funding to accelerate progress toward poverty reduction and job creation, noting that such investments are essential for improving supply chain connectivity and trade facilitation within the Commonwealth. Commonwealth Secretary-General, Hon. Shirley Ayorkor Botchwey, also highlighted plans to establish a Resource Mobilisation Directorate to attract new capital from both traditional and non-traditional partners to support these shared development goals.
