Prime Minister, The Honourable Dr. Terrance Drew of St. Kitts and Nevis recently completed a successful working visit to Nigeria, where he signed a historic Memorandum of Understanding (MOU) with the Green Economic Zone (GEZ) Special Economic Zone Management Company.
Nigeria’s President, His Excellency Bola Ahmed Tinubu, also voiced strong support for the initiative.
MOU TO ENHANCE TRADE AND ECONOMIC RELATIONS
The MOU between St. Kitts and Nevis and Nigeria is aimed at creating a state-of-the-art Agro-Hub Warehouse and Logistics Centre in St. Kitts and Nevis.
This agreement is a significant step in the development of the African-Caribbean Atlantic Cooperation (ACAC), which will focus on strengthening trade and economic relations between Africa and the Caribbean.
The initiative will be further explored as a special Nigerian team attends the anticipated Investment Gateway Summit, scheduled for May 2025 in St. Kitts and Nevis.
STRENGTHENING ECONOMIC TIES BETWEEN AFRICA AND THE CARIBBEAN
During his visit, Prime Minister Dr. Drew met with President Tinubu, who emphasised the importance of fostering deeper economic ties between the two regions.
The MOU sets the stage for establishing a trade corridor between Africa and the Caribbean, starting with the export of agricultural goods.
BOOSTING LOCAL ECONOMY THROUGH INCREASED AGRICULTURAL EXPORTS
Prime Minister Drew has encouraged local producers in St. Kitts and Nevis to ramp up production and ensure their goods meet international standards in preparation for export to Africa.
“Our discussion is that we don’t want things to come one direction,” said Prime Minister Dr. Terrance Drew. “So there will be meetings between the minister [of agriculture] and the producers here in St. Kitts and Nevis to get our products ready, because we intend to send [our products] to the west of Africa.”
ECONOMIC OPPORTUNITIES AND LONG-TERM GOALS
This partnership aims to bridge the gap between the West Coast of Africa and the Caribbean, creating opportunities for both regions to grow economically.
By exporting agricultural products, St. Kitts and Nevis can access a broader market, increasing its economic resilience.
The long-term goal is to foster cultural exchange and mutual prosperity through enhanced trade relations, positioning St. Kitts and Nevis as a key player in global trade, particularly with the African market.
THE ENORMOUS POTENTIAL FOR ST. KITTS AND NEVIS
Prime Minister Drew highlighted the enormous potential for St. Kitts and Nevis to thrive through this partnership, noting that even catering to a small portion of the African market would have a significant impact on the local economy.
“If St. Kitts and Nevis were to just cater to 0.05 per cent of that, that is much more than our own population here, and almost any industry here will survive as a result. This is a very, very great potential for our people and for our producers here,” the Prime Minster added.
The collaboration holds immense potential for St. Kitts and Nevis, positioning it to thrive in an expanding market and make a lasting impact on both local and international scales.