Economy

Nigeria, Benin Target Regional Growth With New Economic Cooperation Deal

Nigeria and the Republic of Benin have commenced the implementation of an economic cooperation agreement aimed at strengthening trade, customs, and regional integration following commitments made during the West Africa Economic Summit (WAES) in June 2025.

The Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, confirmed the development in a statement released on Sunday by her Special Assistant on Communication and New Media, Dr Magnus Eze.

The announcement followed a two-day meeting between officials of both countries in Cotonou to finalize frameworks for the effective rollout of the pact.

According to Ojukwu, the initiative aligns with the objectives of the Economic Community of West African States (ECOWAS) and supports the broader integration agenda under the African Continental Free Trade Area (AfCFTA).

She commended President Bola Tinubu for convening the maiden WAES in Abuja, describing the summit as a catalyst for accelerating regional economic growth.

“The frequency and depth of our engagements at the highest political levels underscore the strategic nature of our relationship,” Ojukwu stated. “The recent efforts by President Tinubu and President Patrice Talon have further deepened our bilateral cooperation, particularly in the areas of trade and border management. These demonstrate a shared political will to resolve longstanding issues and usher in a new era of mutual prosperity.”

She explained that both nations must continue to align customs and transit frameworks, streamline bottlenecks, and strengthen their joint commitment to promoting legitimate trade, attracting investment, and empowering business communities.

The agreement covers trading services, private sector engagement, market access, customs procedures, trade facilitation, transport infrastructure, and storage. To ensure timely execution, technical working groups from both sides will deliberate on these key areas and submit their reports in Abuja.

Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, presented the meeting’s resolutions, noting that the cooperation deal is expected to ease cross-border trade and expand private sector opportunities.

The Beninese Minister of Foreign Affairs, Olushegun Bakari, reaffirmed his country’s commitment to sustaining mutually beneficial relations with Nigeria.

The meeting also had in attendance the Minister of Industry and Trade of the Republic of Benin, Mrs Shadiya Assouman; the Comptroller-General of Nigeria Customs Service, Adewale Adeniyi; the Director-General of Customs of Benin; Amb. Nura Rimi, Director of the Africa Affairs Department in Nigeria’s Ministry of Foreign Affairs; Amb.

Regina Ocheni, Director in the Office of the Minister of State for Foreign Affairs; Amb. Innocent Iwejuo; and other members of the technical committee.

Ojukwu further congratulated the Republic of Benin on its 65th independence anniversary, highlighting the evolution of bilateral ties from informal exchanges to structured and strategic partnerships despite challenges ranging from smuggling and trafficking to broader trans-border crimes.

“Our shared successes affirm a truth we must never lose sight of – that cooperation, not conflict; dialogue, not suspicion – remain our best tools for overcoming obstacles,” she noted.