Nigeria joined the World Logistics Passport (WLP) as a hub, with the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) as a coordinating partner.
Nigeria is Africa’s largest economy, with a vibrant and diverse industrial base and rapidly expanding regional and global trade interests. In 2019, product exports totaled $ 63.8 billion, with trade accounting for 25% of GDP.
With access to the WLP network, Nigerian traders will have the opportunity to improve the connectivity and efficiency of their freight operations. This in turn will open up trade routes – allowing faster and cheaper access to new markets, especially in Asia, Latin America and across Africa.
In a statement, the group chairman and CEO of DP World, Sultan Ahmed bin Sulayem, said: âWe see West Africa as a long-term growth market, with Nigeria spearheading the development. growth in the region. The WLP contributes to economic growth and job creation by boosting trade, primarily by making a country’s products more competitive through more efficient supply chains. For Nigerian traders, this means discovering new opportunities through our network across the African continent and beyond. “
Nigeria joined the WLP alongside other African countries including South Africa, Senegal, Morocco, Kenya, Ethiopia, Botswana, Zimbabwe, Mozambique, Burkina Faso and Guinea.
Transport Minister Rotimi Amaechi reportedly said, âJoining the WLP aims to strengthen global business opportunities for Nigerian companies and accelerate Nigeria’s already rapid growth. The WLP will help achieve this by providing benefits to businesses, such as priority processing and faster clearance, which will help reduce supply chain costs and increase trade volumes.
The continued expansion of the WLP across Africa will help realize the vision of the African Continental Free Trade Agreement by reducing end-to-end logistics chain costs in Africa, boosting intra-regional trade and opening competitive access to new international markets for African companies.
CRFFN, the coordinating partner, is the national regulator of the freight transport industry in Nigeria, promoting the growth and global competitiveness of the freight transport sector for the benefit of the Nigerian economy and the commercial success of its member companies.