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Banki market inauguration marks new era in Nigeria-Cameroon border trade

Banki market inauguration marks new era in Nigeria-Cameroon border trade
  • Comments   -   Thursday, 22 February 2024 03:41

(Business in Cameroon) - The international market in the Nigerian town of Banki, located near Amchidé in Cameroon's Far North region, was officially opened on February 14, 2024. The ceremony was attended by the governor of Nigeria's Borno State and the governor of the Far North region of Cameroon, Midjiyawa Bakary. This new development is a sign of the calming situation after the violent activities of the Islamist group Boko Haram, which had halted trade between Nigeria and Cameroon for about a decade.

Authorities from both countries have highlighted that the Banki international market is aimed at revitalizing the trade that had dwindled over the years due to Boko Haram's actions, and to boost it further given the opportunities the two nations offer. Spanning several hectares, the market features over 1,000 shops and 500 stalls for itinerant traders. The cost of the market's construction was not disclosed.

According to the National Institute of Statistics (INS), Nigeria remained one of Cameroon's main trade partners in Africa in 2022. The institute reported that Nigeria sold goods worth CFA43.7 billion to Cameroon in 2022, making it the 6th largest supplier in Africa, while Cameroon's purchases from Nigeria amounted to CFA34.2 billion, ranking it as the 4th largest customer on the continent.

However, the INS noted that these figures might not fully reflect the actual level of trade between the two countries, mainly due to the porous nature of their borders which leads to cross-border trade not recorded in customs statistics.

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