As one of Africa’s largest economies, Nigeria has the opportunity to lead by example in the field of international collaboration. In an era marked by fragmenting global trade among major economies, the need for greater African collaboration with the Global South should not be understated.
As such, Nigeria has been presented with a unique opportunity to counter the trend of polarisation by fostering mutually beneficial relationships with emerging regions, most notably the Caribbean.
Building on Historical Foundations
Building on their shared cultural heritage, African and Caribbean states can accelerate collaboration to solve mutual challenges. This was the key message during the inaugural Afri-Caribbean Investment Summit, hosted in Abuja in late March.
Organised in collaboration with the Government of St. Kitts and Nevis, the Summit offered investors the chance to explore the myriad opportunities for investment, particularly via its popular citizenship by investment programme.
During the Summit, both the Prime Minister of St. Kitts and Nevis, Terrance Drew, and Premier of Nevis, Mark Brantley, advocated for closer South-South cooperation. Brantley in particular noted the critical need for closer cooperation given recent global economic developments including the United States’ continued implementation of trade tariffs.
Nevis’ Premier identified tourism, investment, film production and energy as key areas for Afri-Caribbean cooperation.
As a concrete step toward such cooperation, one of the Summit’s key achievements was the newly signed Memorandum of Understanding (MoU) between the St. Kitts and Nevis Ministry of Agriculture and the Nigeria-based Green Economic Zone (GEZ) Special Economic Zone Management Company.
The MoU establishes a state-of-the-art Agro Hub Warehouse and Logistics Centre in St. Kitts and Nevis which will facilitate greater exports of rice, maize, and soybean from Nigeria to the wider Caribbean.
The Growth of Trade
These agreements build on already growing ties between Africa and the Caribbean. African exports to the region are projected to increase by USD $171 million by 2026, a 54% increase from 2020 levels. Meanwhile, there is potential for the Caribbean to increase exports to Africa by USD $80 million, or 29%, over the same period.
Seeking to act on this potential, the African Union and CARICOM signed an MoU last year to boost investment and collaboration. Alongside attracting new investment, this MoU aims to deepen existing relations through a diaspora volunteer exchange, enabling a free flow of knowledge which will benefit both regions considerably given widespread familial ties to the Caribbean.
Such developments come in addition to an emerging new trade bloc which would eliminate trade barriers and create a market of 1.3 billion people with a combined GDP of USD $3.5 trillion. This bloc would enable development-led investment to flow freely between the two regions, bringing prosperity to Africans and Caribbeans alike.
Eyes on Nevis
On his return from Abuja, Brantley highlighted the opportunities for Nevis in strengthening ties with Africa. Speaking on the priorities for Nevis he said, ‘We must look to Africa, and Africa is ready for us in my humble opinion’.
During the delegation’s visit, Brantley emphasised the critical role of sustainable energy in economic development. To that end, he presented the island’s geothermal energy project as a sustainable model for the green transition away from fossil fuels that harnesses its natural volcanic properties.
Brantley also highlighted the synergies between Nigerian and Nevisian development, specifically pointing to collaboration opportunities in agribusiness, energy, and film.
A Promising Future for Afri-Caribbean Relations
Deeper South-South cooperation between Africa and the Caribbean, building on the agreements established at the recent summit in Abuja, has the potential to lead to innovative solutions for pressing issues like food security. The agreements reached represent important first steps, and with continued engagement from leaders like Premier Brantley, these initial frameworks can evolve into operational projects delivering measurable benefits for both regions.
This approach sets a foundation for a new model of industrialisation that capitalises on shared heritage and common strengths, enabling mutual prosperity while addressing pressing challenges.
