Nigeria Backs Commonwealth Plan to Boost $2 Trillion Intra-Trade Market

Nigeria has joined 55 other Commonwealth nations in a renewed global push to unlock a projected $2 trillion intra-Commonwealth trade market by 2030, a move aimed at strengthening economic resilience, promoting sustainable growth, and lifting millions out of poverty.

The initiative was one of the key outcomes of the Commonwealth Finance Ministers’ Meeting, held on the sidelines of the ongoing World Bank and IMF Annual Meetings in Washington, D.C., United States.

In a statement signed by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, and shared on the ministry’s official X handle on Tuesday, Nigeria’s delegation—led by the Minister of State for Finance, Doris Uzoka-Anite—reaffirmed the country’s commitment to advancing the Commonwealth’s trade and development agenda.

Uzoka-Anite said Nigeria is dedicated to working with other member nations to expand trade opportunities, deepen investment flows, and drive job creation and poverty reduction.

> “With collective action and determination, Commonwealth nations are poised for a brighter economic future, driving growth, prosperity, and improved livelihoods for millions,” she said.

According to the Commonwealth Secretariat, trade among member states is on average 21% cheaper than with non-member countries, thanks to shared languages, legal systems, and institutional similarities that help reduce transaction costs.

It noted that intra-Commonwealth trade could reach $2 trillion by 2030 if member nations continue to invest in trade facilitation, digital innovation, and connectivity.

The Commonwealth, comprising 56 nations—mostly former British colonies—represents more than 2.5 billion people and a combined GDP exceeding $13 trillion.

During the Commonwealth Trade Ministers’ Meeting held in June in Windhoek, Namibia, Secretary-General Shirley Ayorkor Botchwey reiterated the bloc’s target of achieving the $2 trillion trade goal through enhanced cooperation in investment, digital trade, and sustainable finance.

Experts say Nigeria’s participation could attract foreign investment and boost exports, especially under the African Continental Free Trade Area (AfCFTA) framework, aligning with the country’s broader economic diversification goals.

Addressing the session virtually, Botchwey described the current period as “one of the most testing in modern economic history”, citing rising debt levels, shrinking development finance, and growing climate-related costs.

> “Growth is slowing. Debt vulnerabilities are rising. Development finance is tightening just when the climate crisis demands more resources. But if the storm is real, so too is the opportunity,” she said.

She urged Commonwealth nations to leverage the “Commonwealth Advantage”—their shared history, institutional links, and trade networks—to strengthen cooperation and collective economic resilience.

Botchwey also announced that 2026 will be marked as the “Commonwealth Year of Resilient, Innovative, and Sustainable Debt”, commemorating 40 years of the bloc’s Debt Management Programme, which introduced tools such as blue bonds, catastrophe bonds, and the Commonwealth Meridian system, now used in 41 countries.