(Ecofin Agency) - Nigeria’s Federal Minister of Works and Housing, Babatunde Fashola, yesterday while inspecting the newly constructed 1.5km bridge on the border between Nigeria and Cameroon said the two-lane bridge will facilitate trade between both countries.
According to reports from the News Agency of Nigeria, the construction of the project worth $35.9 billion started on April 28, 2017, and was completed in March 2021. Funding for the bridge, which is located in Ekot-Mfum, Etung Local Government Area of Cross River, came from both countries.
“This is the first shoot of the harvest of completed projects proposed as the administration enters the second phase of the second term on its way out, ” said Fashola. “We have had a strong relationship with the Republic of Cameroon in terms of trade and business,” he added.
The minister also pointed out that the Aba, Enugu, and Abakaliki are on the route that facilitates trade in agro-produce, merchandise, and manufactured goods. In the same vein, he said: “Nigeria is now a signatory to the Africa Continental Free Trade Agreement. So, this is infrastructure that positions both nations to take the benefit of the trade that agreement holds. It is really exciting. Looking into the future you can only see more business, more trade, and employment meant for people.”
Cameroon is one of Nigeria’s largest trading partners. According to statistics from the International Trade Centre, Cameroon is the second African partner country, after South Africa, that imports from Nigeria. Despite the disruptions caused by the pandemic, export values from Nigeria to Cameroon grew from $888,690 in 2019 to $1,152,034 in 2020. However, there is still a gap in terms of imports and exports between both countries, Cameroon’s imports from Nigeria fell from $10,906 in 2019 to $4,247 in 2020.