Business Headline News

Intra trade increases to $108bn-D-8

D-8 countries. photo by UNCTAD

The Eight Developing countries that form the D-8 members have converged on Abuja to deliberate on issues that will position the countries as a global force in Small and Medium Enterprises, SMEs development. 

The Executive Director, Small and Medium Enterprise Development Agency, Mr. Wale Fasanya said the forum became necessary to enable member countries tap from workable experiences that has contributed to the growth of the sector in their various countries. 

He said the use of technology remains a veritable tool to ensure access to markets as over 39 million MSMEs employ 87.9% of the entire labour force and contributes over 46% of the nation’s GDP.

Mr. Fasanya pointed out that if the necessary environment was put in place, there would be more opportunities for the sub-sector to boost its contribution to the economy.

In an address, the Global Director, D-8 Health and Social Protection Programme, Dr. Ado Mohammed who said intra trade between members states have grown from $6bn to $108bn explained that the organization was determined to unlock the huge health markets and improve the intra trade by 20% before 2030.

Members of D-8 include; Turkey, Iran, Pakistan, Egypt, Nigeria, Indonesia, Malaysia and Bangladesh.

Reporting by Florence Adewale; Editing by Annabel Nwachukwu