Trade collaboration: Nigeria, Benin plan central banks personnel exchange
The Federal Ministry of Finance, in collaboration with the Ministry of Foreign Affairs, has concluded a high-level bilateral meeting with the Republic of Benin where the Beninise side proposed personnel exchanges between the respective Central Banks in trade collaboration.
The ministry’s Head of Press and Public Relations Unit, Helen Chukwu, disclosed this in a statement available to The PUNCH.
Some of the key issues in the proposal were the strategies for strengthening the Customs Union between the two countries, establishing a relationship of trust through collaboration, joint training, and deepening the legal framework applicable to facilitate debt recovery.
Bilateral formal trade relations between Nigeria and the Republic of Benin have increased significantly in the last 10 years. There has also been an increase in the smuggling of contraband goods due to the porous borders
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, led Nigeria’s delegation to Benin Republic for a high-level meeting on boosting bilateral trade relations on Monday.
The meeting aimed to strengthen diplomatic ties and enhance economic cooperation between the two neighbouring nations.
The high-level meeting marks a significant step toward deepening economic ties and fostering mutual prosperity between Nigeria and the Republic of Benin.
Both nations remain committed to further collaboration and shared development.
The document stated that Nigeria reaffirmed its commitment to fostering robust diplomatic relations with Benin.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, emphasized the importance of collaboration in achieving shared goals.
The statement partly read, “Nigeria has strengthened its diplomatic and economic relations with the Republic of Benin.
“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, Mr. Wale Edun, returned from leading Nigeria’s delegation to the Benin Republic for a high-level meeting on boosting bilateral trade relations.
“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.
“Some of the key issues in the proposal were the strategies for strengthening the Customs Union between the two countries, establishing a relationship of trust through collaboration, joint training, and 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 side 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.”
