Trade relations: Nigeria, Benin Republic hold strategic high-level meeting

The Beninise government has made presentations on enhancing bilateral trade between Nigeria and the Benin Republic, and stated its position on how to implement measures in other areas relating to trade harmonisation.

Some of the key issues in the proposal were the strategies for strengthening the Customs Union between the two countries, and establishing a relationship of trust through collaboration, and joint training.

Also, the Beninise requested for 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 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.

A statement from the Federal Ministry of Finance on Monday said 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, Wale Edun, returned from leading Nigeria’s delegation to the Benin Republic for a high-level meeting on boosting bilateral trade relations.

Accorfing to the Ministry, “In Benin Republic, the host President 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, President Ahmed Bola Tinubu.”

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 harmonisation.

After the presentation, the host Minister of Finance and the Economy, Mr. Romuald Wadagni, reiterated the significance 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 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.

Helen Oby Chukwu Head: Press and Public Relations in the Federal Ministry of Finance said Nigeria has strengthened its diplomatic and economic relations with the Republic of Benin.

She noted that 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 harmonisation of regulations along the borders.

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