Nigeria has joined other Commonwealth nations in advancing a $2 trillion trade initiative designed to deepen economic cooperation, enhance resilience, and promote sustainable growth across member states.

This was disclosed in a statement issued on Monday by the FCAI Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga.

According to the statement, the initiative was a major focus of discussions at the high-level Commonwealth Finance Ministers’ meeting held on the sidelines of the World Bank and International Monetary Fund Annual Meetings in Washington, D.C.

The Commonwealth Secretariat noted that intra-Commonwealth trade is, on average, 21% cheaper than trade with non-member countries, owing to shared language, legal systems, and institutional frameworks that lower transaction costs.

It further projected that trade among member nations could reach $2 trillion by 2030 if adequate investments are made in connectivity, trade facilitation, and innovation.

Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, reaffirmed the country’s commitment to advancing the Commonwealth’s development agenda during the discussions. She urged for increased funding to drive poverty reduction, job creation, and sustainable economic transformation across member nations.

“With collective action and determination, the Commonwealth nations are set to achieve a brighter economic future, driving growth, prosperity, and improved livelihoods for millions across the Commonwealth of nations,” Manga stated.

In June, Commonwealth Secretary-General Hon. Shirley Ayorkor Botchwey reiterated during the Commonwealth Trade Ministers’ Meeting in Windhoek, Namibia, that the organisation remains focused on unlocking the full potential of trade and investment within the Commonwealth. She emphasized its strategic objective of increasing intra-Commonwealth trade to $2 trillion by 2030.