Business

Nigeria and Benin Sign Deal to Support Regional Integration Efforts

0

Highlights:

• Nigeria and Benin agree to deepen bilateral ties as a model for West Africa
• The deal aims to ease trade, improve infrastructure, and push regional unity
• Leaders warn that ECOWAS faces crisis, call for faster economic integration

Nigeria and Benin have signed a new agreement to strengthen their partnership and push for deeper regional integration in West Africa. The deal was signed on June 21 during the first West Africa Economic Summit (WAES 2025). The event was held in Abuja under the theme “One Voice, One Future.”

“We have agreed on full integration between Benin and Nigeria. It is now up to our ministers to make it happen,” said Benin’s President Patrice Talon. “Benin and Nigeria are more than twins — we are the same people. Show the region that integration is possible.”

Talon also called for urgent reforms and warned against actions that could block progress on regional unity. He pointed to the current crisis facing ECOWAS, the regional bloc meant to promote cooperation across West Africa.

“ECOWAS is supposed to be the perfect example of regional integration. Sadly, it is in crisis right now,” He said.

The Beninese leader also criticized the heavy bureaucracy and security checks that slow movement along the key Lagos-Abidjan corridor, seen as a vital trade route for the region.

“The road exists, but a businessperson should be able to travel from Lagos to Abidjan in a few hours, not a few days. That is not integration,” Talon added.

1 africa copy

Benin and Nigeria have long shared close ties built on geography, trade, culture, and security. Their cooperation includes major trade flows through the Port of Cotonou for goods heading to Nigeria, energy imports, and deep cultural connections, with both countries sharing languages, ethnic groups, and traditions.

Still, the relationship remains fragile, often strained by trade disputes and unilateral decisions from Nigeria.

More broadly, economic integration in West Africa faces many challenges, including poor infrastructure, trade barriers despite the common external tariff, red tape, and weak policy coordination. Multiple currencies, regulatory differences, and language barriers also make it harder to build a truly unified market.

Despite this, there have been signs of progress. On May 19, 2025, Nigeria and Benin launched the SIGMAT system at the Sèmè-Kraké border crossing to streamline trade and improve the movement of goods.

According to the International Trade Centre, trade between the two countries reached $129.3 million in 2023, though much of it happens informally. With the new bilateral deal now in place, both sides hope for a sharp increase in trade and stronger economic ties in the months ahead.

Source

Lesaka Technologies to buy Bank Zero in R1.1-billion deal

Previous article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Business