Nigeria-Benin Holds Strategic High-Level Meeting to Boost Trade Relations

FEDERAL MINISTRY OF FINANCE HEADQUATERS, ABUJA.

PRESS RELEASE:

NIGERIA-BENIN HOLDS STRATEGIC HIGH-LEVEL MEETING TO BOOST TRADE RELATIONS.
Nigeria has strengthened its diplomatic and economic relations with the Republic of Benin. This was stated in a postmortem meeting by the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, after the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, returned from leading Nigeria’s delegation to the Benin Republic for a high-level meeting on boosting bilateral trade relations.

In Benin Republic, the host President, His Excellency Patrice Talon granted a brief audience to the Nigerian delegation where he urged the Ministers to give the bilateral meeting the desired impetus already established by himself and his Nigerian counterpart, His Excellency President Ahmed Bola Tinubu, GCFR.

During the High-Level Meeting, the Beninise government made presentations on enhancing the bilateral trade between Nigeria and the Benin Republic and their position regarding implementing measures in other areas relating to trade harmonization. Some of the key issues in the proposal were the strategies for strengthening the Customs Union between the two countries, establishing a relationship of trust through collaboration, joint training, and personnel exchanges between the respective Central Banks, and, most importantly, deepening the legal framework applicable to facilitate debt recovery. To achieve these frameworks, the Beninese Side proposed the creation of a permanent joint technical committee with extended powers that will seek the implementation of ministerial consultations on the enforcement of the bilateral agreement, political anchoring and establishment of a clear and transparent governance structure among other channels of implementation.

After the presentation, the host Minister of Finance and the Economy, Mr. Romuald Wadagni, reiterated the significance of embodying the firm resolve of the two countries’ Presidents in ensuring the strengthening of trade relations. He added that setting up a technical committee would serve as a one-stop shop for handling joint issues related to Nigeria and the Republic of Benin.

In his response, Mr. Edun appreciated the Beninese Government for the audience and hosting of the meeting. He equally appreciated President Patrice Talon’s moral support and enthusiasm and added that the political will be shown so far was beyond question. He further underscored that the task at hand was to seek efficient means of implementing the ideas of the leaders of both countries. The Minister, therefore, proposed that the two Finance Ministers of Nigeria and Benin head the proposed permanent committee.
The Nigerian delegation consisted of the Charge d’ Affaires a.i, Nigerian Embassy in Cotonou, Ambassador Saidu N. Tiggi, and the Comptroller of Customs, Seme Command. On the Beninese Side were the host Minister of Foreign Affairs, Ambassador Shegun Adjadi Bakari, the Minister of Trade and Commerce, Ms. Assouman Shadiya, the Minister of Justice and Legislation, and the Beninese Director General of Customs.

Nigeria continues to strengthen its cultural, trade, and economic relations with the Republic of Benin, especially in customs border patrols, financial integration of payment systems between the two countries and the harmonization of regulations along the borders.

Helen Oby Chukwu
Head: Press and Public Relations
Monday, March 18, 2024