ACCORDING TO PUNCH NEWSPAPER The Developing Eight Organisation for Economic Cooperation has set a target of increasing trade among its member countries to $500bn by 2030, highlighting Nigeria’s role through the establishment of its Centre for Small and Medium Enterprises in Abuja.
The D-8 Secretary-General, Ambassador Sohail Mahmood, disclosed this on Thursday at the second D-8 Business Forum in Jakarta, Indonesia, where he identified stronger private-sector partnerships, improved market access, increased investment and resilient supply chains as key priorities for economic cooperation.
Mahmood said intra-D-8 trade stood at approximately $157bn in 2024, against the organisation’s target of $500bn by 2030, underscoring the need for member countries to strengthen commercial ties and maximise their collective economic potential.
The forum was held on the sidelines of the 41st Trade Expo Indonesia on October 15, 2026, under the theme, “Advancing Indonesia’s D-8 Presidency: Empowering Business Cooperation in Trade and Supply Chain.”
According to Mahmood, the D-8 comprises nine economies across Asia, Africa and Europe, representing approximately 1.3 billion people and a combined gross domestic product exceeding $5tn.
He said the bloc’s population, industrial capabilities, natural resources and entrepreneurial potential provided a strong foundation for expanding trade and attracting investment.
“Our decennial roadmap envisages increasing the intra-D-8 trade volume to US$500 billion by 2030,” Mahmood said.
He added that achieving the target would require businesses to expand market access, diversify sourcing, establish industrial partnerships and develop integrated regional supply chains.
Mahmood also identified the completion of the ratification of the D-8 Preferential Trade Agreement by all original signatories as an important milestone, urging member countries to ensure that businesses fully benefited from the arrangement.
He said the organisation was working to improve the use of trade preferences, expand product coverage and strengthen engagement with exporters, importers and industry associations.
The secretary-general further identified customs procedures, non-tariff barriers, logistics, transport connectivity and business mobility as areas requiring attention to improve trade and investment among member countries.
Highlighting Nigeria’s role in the organisation, Mahmood described the establishment of the D-8 Centre for Small and Medium Enterprises in Abuja in June 2025 as an important institutional development.
He said the centre offered opportunities to promote entrepreneurship, build business capacity, encourage innovation, improve market access and integrate small businesses into regional and global value chains.
Mahmood said stronger collaboration among the Abuja-based centre, the D-8 Chambers of Commerce and Industry and the D-8 Secretariat could help connect small businesses with larger enterprises, facilitate joint ventures and strengthen supplier networks.
He added that such cooperation could also expand opportunities for women and young entrepreneurs across member countries.
“I see considerable scope for developing synergies between the D-8-HCCI, the SME Centre in Abuja, and the D-8 Secretariat, particularly in connecting SMEs with larger enterprises, facilitating joint ventures, strengthening supplier networks, and expanding opportunities for women and young entrepreneurs,” he said.
The secretary-general stressed that the private sector must remain central to the organisation’s economic integration agenda, noting that governments could establish supportive policies, but businesses were responsible for mobilising capital, driving innovation and creating economic value.
He identified textiles, automotive manufacturing, pharmaceuticals, agriculture, food processing, energy and digital technologies as sectors with considerable potential for joint ventures, technology transfer and cross-border investment.
Mahmood said member countries needed to move beyond trading finished products towards jointly creating value by connecting manufacturers, suppliers, investors and technology partners.
He added that, as the organisation approached its 30th anniversary in 2027, participants should focus on practical outcomes, including expanded trade, stronger business partnerships and more resilient supply chains.
Meanwhile, Nigerian business representatives at the forum expressed concern over the absence of a Nigerian government delegation, despite the participation of businesspeople from the country.
