The African Union Convention on Cross-Border Cooperation, also known as the Niamey Convention, is an agreement that aims to facilitate cooperation between African countries in areas such as trade, investment, infrastructure development, and regional integration. The Convention was adopted by the African Union in June 2014 and has been ratified by several African countries, including Nigeria in 2023.
In the article ” Nigeria ratifies AU convention on cross border cooperation” published on www.shipsandports.com.ng, the author cites a statement made by the Minister of State for Foreign Affairs, Zubairu Dada, who stated that “Nigeria initiated and spearheaded the drafting of the Convention; subsequently, Nigeria signed the convention on January 29, 2017. What we simply did today was to present the convention to the council for its approval and ratification by the president”.
What does the Niamey Convention Mean For Businesses In Nigeria
For businesses in Nigeria, the Niamey Convention presents a range of opportunities and benefits.
Firstly, the convention is designed to promote regional integration and cooperation, which can create new opportunities for businesses to expand their operations across borders. By reducing barriers to trade, the convention can help to facilitate cross-border business activities and promote economic growth in the region.
Secondly, the convention establishes a framework for resolving disputes that may arise between businesses operating in different countries. This can help to provide greater legal certainty and protection for businesses, reducing the risk of disputes and litigation.
Finally, the convention also includes provisions relating to infrastructure development, such as transport and energy, which can benefit businesses by improving connectivity and reducing costs.
Overall, the Niamey Convention represents an important development for businesses in Nigeria, as it provides a framework for cross-border cooperation and trade that can help to unlock new business opportunities and promote economic growth in the region. By taking advantage of the provisions of the convention, businesses can position themselves to benefit from the growing regional integration and cooperation in Africa.