Lagos: The Arab-Africa Trade Bridges (AATB) Program, an initiative by the Islamic Development Bank Group, has entered an official partnership with Nigeria through the signing of the country's AATB membership agreement. This significant event took place on the sidelines of the 5th Meeting of the AATB Board of Governors, hosted by the Nigerian federal government.
According to Saudi Press Agency, the membership agreement was signed by AATB CEO Eng. Adeeb Al-Aama and Nigeria's Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The agreement is set to provide a strategic and operational framework aimed at supporting Nigeria's efforts in enhancing trade competitiveness, export diversification, and boosting priority value chains. It will also focus on capacity-building initiatives that are in line with Nigeria's national development priorities. The cooperation will emphasize trade promotion, agricultural business modernization, SME development, business missions, trade facilitation, logistics efficiency, and preparedness for digital trade.
Edun stated that the partnership is expected to increase Arab-African trade by over $37 billion in the next three years. He highlighted that the initiation of closer trade cooperation between African and Arab nations is opening up vast prospects for growth and development. This is being achieved through a shared vision, a strong commitment to value-adding partnerships, and efforts to drive economic expansion.