Nigeria has joined 55 other Commonwealth nations in a renewed global effort to unlock a projected $2 trillion intra-Commonwealth trade market by 2030, an initiative designed to strengthen economic resilience, foster sustainable growth, and lift millions out of poverty.
The commitment was part of the key outcomes of the Commonwealth Finance Ministers’ Meeting held on the sidelines of the ongoing World Bank and International Monetary Fund Annual Meetings in Washington, D.C., United States.
A statement signed by the Director of Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, and posted on the ministry’s official X handle on Tuesday, said Nigeria’s delegation was led by the Minister of State for Finance, Doris Uzoka-Anite, who reaffirmed the country’s support for the Commonwealth’s trade and development agenda.
Uzoka-Anite noted that Nigeria was committed to collaborating with other member countries to expand trade opportunities, deepen investment flows, and accelerate progress toward poverty reduction and job creation.
“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,” the statement quoted her as saying.
According to the Commonwealth Secretariat, trade among member nations is, on average, 21 per cent cheaper than trade with non-members due to shared languages, legal frameworks, and institutional similarities that help reduce transaction costs.
It projected that intra-Commonwealth trade could grow to $2 trillion by 2030 if member nations continue to invest in trade facilitation, connectivity, and innovation.
The Commonwealth is a political and economic association of 56 countries mostly former British colonies representing a population of over 2.5 billion people and a combined GDP exceeding $13 trillion.
During the Commonwealth Trade Ministers’ Meeting held in Windhoek, Namibia, earlier in June, Secretary-General Shirley Ayorkor Botchwey reaffirmed that the organisation’s primary goal remains to expand intra-Commonwealth trade to $2 trillion by 2030 through enhanced cooperation in investment, digital trade, and sustainable finance.
Experts believe Nigeria’s active participation in the initiative could attract more foreign investment and open up new export opportunities, especially under the African Continental Free Trade Area (AfCFTA), while aligning with its economic diversification agenda.
Addressing the session virtually, Botchwey described the current period as “one of the most testing in modern economic history,” citing rising debt vulnerabilities, tightening 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 of our resources. But if the storm is real, so too is the opportunity,” Botchwey said.
She urged member nations to harness the “Commonwealth Advantage”a blend of historical ties, institutional similarities, and trade linkages to boost economic cooperation and resilience.
Botchwey further announced that the year 2026 would be designated as the “Commonwealth Year of Resilient, Innovative, and Sustainable Debt,” marking 40 years of the bloc’s Debt Management Programme, which pioneered instruments such as blue bonds, catastrophe bonds, and the Commonwealth Meridian debt management system now used in 41 countries.
She also revealed plans to establish a Resource Mobilisation Directorate to attract funding from both traditional and non-traditional sources for digital education, skills development, and infrastructure projects across member states.
The Secretary-General called on governments to strengthen the Commonwealth Fund for Technical Cooperation and fulfill their financial commitments, stressing that sustainable funding was vital to achieving the bloc’s reform and resilience goals.
“Our task is not merely to manage debt. It is to build a global financial architecture that is inclusive, responsive, and structured for shared prosperity,” she said.
“Let us turn our solidarity into prosperity. If we stand together, we can turn today’s headwinds into tomorrow’s pathways of growth and opportunity for every Commonwealth nation,” Botchwey added.
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