The initiative was launched during the Commonwealth Finance Ministers’ Meeting, held alongside the World Bank and IMF Annual Meetings in Washington, D.C.

According to the Federal Ministry of Finance, Nigeria’s delegation, led by Minister of State for Finance, Doris Uzoka-Anite, reaffirmed the country’s commitment to the Commonwealth’s trade and development agenda, emphasizing Nigeria’s readiness to collaborate with other member states to enhance trade, attract investment, and create jobs.

“With collective action and determination, the Commonwealth nations are set to achieve a brighter economic future, driving growth, prosperity, and improved livelihoods for millions,” Uzoka-Anite stated.

The Commonwealth Secretariat noted that trade among member nations is, on average, 21% cheaper than with non-members, due to shared languages, legal systems, and institutions. It projected intra-Commonwealth trade could reach $2 trillion by 2030 with continued investment in trade facilitation, digital innovation, and connectivity.

Commonwealth Secretary-General Shirley Ayorkor Botchwey described current global economic conditions as “one of the most testing in modern history,” citing rising debt, constrained development finance, and escalating climate costs. However, she urged member nations to leverage the “Commonwealth Advantage” to overcome challenges and unlock new opportunities.

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Botchwey also announced that 2026 would be designated the “Commonwealth Year of Resilient, Innovative, and Sustainable Debt,” marking four decades of the bloc’s Debt Management Programme. New initiatives, including a Resource Mobilisation Directorate, will target funding for digital education, skills training, and infrastructure development.

Experts say Nigeria’s involvement could bolster its export potential, attract foreign direct investment, and complement its economic diversification goals under frameworks like the African Continental Free Trade Area (AfCFTA).

Source: Punch