The Federal Ministry of Finance, along with the Ministry of Foreign Affairs, has finished a high-level meeting with the Republic of Benin where the Beninise side suggested exchanging personnel between the Central Banks for trade collaboration.
Helen Chukwu, who is in charge of the Press and Public Relations Unit at the ministry, revealed this in a statement available to The PUNCH.
Some major points in the proposal included strengthening the Customs Union between the two countries, building trust through collaboration, joint training, and improving the legal framework for debt recovery.
The formal trade relations between Nigeria and the Republic of Benin have significantly increased in the past 10 years. There has also been a rise in the smuggling of illegal goods due to the open borders.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, led Nigeria’s delegation to Benin Republic for a high-level meeting on enhancing bilateral trade relations on Monday.
The meeting aimed to strengthen diplomatic ties and improve economic cooperation between the two neighboring nations.
The high-level meeting represents a significant step towards deepening economic ties and promoting mutual prosperity between Nigeria and the Republic of Benin.
Both countries are committed to further collaboration and shared development.
The document mentioned that Nigeria reiterated its dedication to fostering strong diplomatic relations with Benin.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, stressed the importance of collaboration in achieving common goals.
The statement partly said, “Nigeria has strengthened its diplomatic and economic relations with the Republic of Benin.
“This was mentioned in a postmortem meeting by the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, after the return of Mr. Wale Edun from leading Nigeria’s delegation to the Benin Republic for a high-level meeting on enhancing bilateral trade relations.
“During the high-level meeting, the Beninise government presented ideas for enhancing the trade between Nigeria and the Benin Republic, as well as their position on implementing measures in other areas related to trade harmonization.
“Some major points in the proposal included strategies for strengthening the Customs Union between the two countries, building trust through collaboration, joint training, and exchanging personnel between the respective Central Banks, and, most importantly, improving the legal framework for debt recovery.
“To accomplish these frameworks, the Beninese side suggested creating a permanent joint technical committee with extended powers to work on ministerial consultations for enforcing the bilateral agreement, political anchoring, and establishing a clear and transparent governance structure among other implementation channels.
