Background

Nigeria is Africa’s largest crude oil and also has substantial deposits of tin, coal, and iron ore, Ghana is a leading gold exporter, with gold exports amounting to over US$ 7 billion in 2023, and is also rich in bauxite, manganese, and diamonds. Therefore, investing and doing business in these West African States is advantageous due to its favorable trade environment. he Nigeria – Ghana have a complex and dynamic trade relationship that spans several decades. Historically, both countries have had a love-hate relationship, with periods of cooperation and tension. Nigeria and Ghana are the most knitted emotionally, culturally, commercially, and otherwise in the whole of Africa. The tensions experienced by both countries were being blamed on bilateral trade differences. The Ghanaian government has a law that restricts foreigners from retail trade, Nigerians can be wholesalers but not retailers. Foreigners in Ghana cannot run small retail shops, but they can own wholesale firms or other businesses in which $1m (£782,000) has to be invested. Also, in implementing the law (Ghana Investment Promotion Centre Act, 2013) Ghanaian authorities was said to have conducted an audit of retail shops which necessitated the close down of over 300 Nigerian-run stalls in Ghana. Nigeria on the other hand was accused by the Ghanaian Government of closing its border against goods from Ghana. The argument was that Nigeria by closing her Seme border hindered goods from Ghana entering into Nigerian markets which Ghanaians considered as economic sabotage.

To address these issues and strengthen the cordial relationship between both countries, the Nigerian Government approved the establishment of the Nigeria Trade Office in Accra, Ghana in October, 2021 and operations started in June 2023. The NTO, Ghana seeks to fast-track the resolutions of the trade issues involving Nigerian and Ghana. The NTO Ghana also liaises with the African Continental Free Trade Area (AfCFTA) Secretariat on all trade matters. In spite of these tensions, trade between Nigeria and Ghana have increased at an annualized rate of 2.76%, from $181M in 1996 to $358M in 2021. In 2021, Nigeria did not export any services to Ghana, Ghana exported $48.3M to Nigeria in the same year. Nigeria was Ghana’s third-most-important trade partner in 2010, accounting for almost 10 percent of total Ghanaian foreign trade. Ghana, in turn, was Nigeria’s ninth-largest trade partner in that same year, accounting for some 1.3 percent of Nigerian trade. Also, in 2023 Nigeria’s Exports to Ghana was US$124.37 Million according to Ghana Bureau of Statistics. In 2023 Nigeria’s Exports to Ghana was US$124.37 Million. Although rated as the two biggest economies in West Africa, the relationship between Nigeria and Ghana has been topsy-turvy over the years. Their historical, political, and social similarities notwithstanding, the two countries have recently become cynical of each other’s policies this is particularly pronounced on trade matters. The tensions experienced by the two countries were being blamed on bilateral trade differences. The Ghanaian government has a law that restricts foreigners from retail trade. Foreigners in Ghana cannot run small retail shops, but they can own wholesale firms or other businesses in which around $1m (£782,000) has to be invested.

OBJECTIVES OF THE OFFICE

  • Increased volume of trade
  • Export expansion and business diversification
  • Increased investment inflows
  • Capturing Diasporas markets and investable funds
  • Negotiating and creating market access 
  • Addressing trade imbalance as well as trade complaints and enquiries
  •  Addressing trade facilitation bottlenecks and non-tariff barriers
  •  Attracting abundant regional and international financial resources to Nigerian economy establish the physical presence of our NTOs because of stiff competition for such resources by competitor nations.
  •  Supporting and facilitating private sector -led establishments of Export Warehouses abroad etc.

 

The office commitment to boost intra-ECOWAS trade – “Within ECOWAS, work to increase internal sub -regional trade, promote joint industrialisation and joint infrastructural projects.”

 An interest in leading global trade reforms for Africa’s interests – “Lead Africa in seeking reforms in the World Trade Organisation and international financial institutions and in our bilateral relationships with the leading economic nations that will promote and protect African industrialisation and obtain fairer deals for our current exports.

MANDATES OF THE NIGERIA TRADE OFFICE, GHANA

  • Liaise with Ghanaian Government Agencies in charge of trade and investment to facilitate trade and investment drive between the two countries.
  • Assist Nigerian Traders in Ghana to develop and explore mutual trade and investment opportunities in Ghana.
  • Provide business linkages to the organized private sector in Nigeria including chambers of Commerce and the Manufacturers Association of Nigeria (MAN).
  •  Provide information on exportable non- oil export from Nigeria
  •  Provide counselling and guidance on trade and investment regulations on the African Continental Free Trade Area (AfCFTA) Agreement
  •   Promoting Nigerian businesses in Ghana
  • Attracting Investment to Nigeria
  • Facilitating Trade Missions, exhibitions and commercial partnerships, resolving trade disputes through cooperation with Ghanaian Authority and Traders.
  • Investment drives;
  • Trade and export promotion drives;
  •  Market access drives;
  • Tourism and cultural drives;
  • Technical cooperation and assistance drive etc