D-8 Targets $500bn Trade by 2030, Highlights Abuja SME Centre

The Developing Eight (D-8) Organisation for Economic Cooperation has set a target of increasing trade among its member countries to $500 billion by 2030, highlighting Nigeria’s Small and Medium Enterprises (SME) Centre in Abuja as a platform for strengthening regional business cooperation.

The D-8 Secretary-General, Ambassador Sohail Mahmood, announced the target on Thursday at the second D-8 Business Forum in Jakarta, held alongside the 41st Trade Expo Indonesia.

Mahmood said trade among member countries stood at approximately $157 billion in 2024, stressing the need for stronger private-sector partnerships, improved market access, increased investment and more resilient supply chains to achieve the target.

The organisation comprises nine economies across Asia, Africa and Europe, with a combined population of approximately 1.3 billion people and a gross domestic product exceeding $5 trillion.

Mahmood said the bloc’s population, industrial capacity, natural resources and entrepreneurial potential offered opportunities to expand commercial exchanges and attract investment.

He identified textiles, automotive manufacturing, pharmaceuticals, agriculture, food processing, energy and digital technologies as sectors with potential for joint ventures, technology transfer and cross-border investment.

The secretary-general also called for effective implementation of the D-8 Preferential Trade Agreement, urging member countries to address customs procedures, non-tariff barriers, logistics challenges, transport connectivity and restrictions affecting business mobility.

Highlighting Nigeria’s contribution, Mahmood described the establishment of the D-8 SME Centre in Abuja in June 2025 as an important step towards strengthening entrepreneurship and helping small businesses access regional and international markets.

He said closer collaboration among the centre, the D-8 Chambers of Commerce and Industry, and the D-8 Secretariat could connect small businesses with larger enterprises, facilitate joint ventures and strengthen supplier networks.

Mahmood added that the initiative could create opportunities for women and young entrepreneurs while helping small and medium-sized enterprises participate more actively in regional value chains.

Meanwhile, Nigerian business representatives at the forum expressed concern over the absence of a Nigerian government delegation despite the participation of entrepreneurs from the country.

Hassan Yaro, president of the Kano Council of Traders and Entrepreneurs and a council member of the Kano Chamber of Commerce, said more than 150 Nigerian business representatives had travelled to Indonesia to explore partnerships and investment opportunities.

He urged the Federal Government to improve coordination and ensure Nigerian businesses receive stronger institutional support to translate international engagements into measurable commercial benefits.

Achieving the $500 billion target will require sustained cooperation among member governments, businesses and trade institutions, alongside practical measures to reduce barriers and expand investment.