Uganda targets Nigeria big market for trade
Ms Geraldine Ssali, the permanent secretary of the ministry of Trade, Industry and Cooperatives. PHOTO/ FILE
In bid to expand Uganda’s market access on the African continent, the government is now targeting Nigeria, which boasts a population of about 200 million people.
Trade between the two countries currently stands at $24 million, according to the United Nations COMTRADE database. In 2021, Uganda’s exports to Nigeria were worth $3.46 million, according to the same database.
Speaking to this publication on the sidelines of the maiden Nigeria-Uganda Business and Investment Forum in Kampala last week, Ms Geraldine Ssali, the permanent secretary of the ministry of Trade, Industry and Cooperatives, said these exports can be increased.
“Nigeria is the biggest economy in Africa; it is 10 times bigger than that of Uganda ($506 billion) as of last year and if you consider that size, why don’t we actually engage with such a country,” she said.
Ms Ssali said the government aims at increasing the trade volume from the current less than $4 million to at least $20 million, especially when the Africa Continental Free Trade Area (AfCTA) is implemented.
“It is a win-win situation. Uganda is rich in investment opportunities in agro-processing, oil and gas, tourism, among others,” she said.
The forum ran between May 2 and 3. Mr Nelson Ocheger, the Uganda High Commissioner to Nigeria, blamed the low trade growth on the general lack of awareness of the Nigerian market, the cost of doing business due to transport and non-tariff trade barriers.
“We are now bringing two business communities together. We have also been able to convince the government of Nigeria to allow Uganda Airlines to have direct flights to Nigeria (Abuja and Lagos), we are also working on the process of reviewing the existing trade, technology and investment agreements of the countries so that we can bring them to up speed to meet the current circumstances,” he said.
Speaking on behalf of the Nigerian delegation, Ambassador Akinremi A. Bolaji, who is the director Economic Affairs, Trade and Investment at the Nigerian Ministry of Foreign Affairs, reiterated his country’s interest in seeking to harness the diverse opportunities available on the continent.
