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.
The President of the Kano Council of Traders and Entrepreneurs and a council member of the Kano Chamber of Commerce, Hassan Yaro, said more than 150 Nigerian entrepreneurs and business representatives had travelled to Indonesia to explore partnerships and business opportunities.
Yaro said the delegation was determined to represent Nigeria’s private sector and establish relationships with international business partners despite the absence of government officials at the event.
“All D-8 they were here, but Nigeria is not represented. We don’t know why. Whether we don’t have ambassador here. Even if we don’t have ambassador, we have representation at the embassy,” he said.
He questioned the effectiveness of government-supported efforts to promote Nigerian businesses internationally, arguing that participation in such forums should translate into measurable commercial benefits.
“Nigeria is spending more to mobilize people, to mobilize business community, entrepreneurs, and many more. For them to know more about it. For them to meet up with international business partners. Nigeria is spending more. But, by how? When do we get the result?” Yaro said.
He, however, acknowledged the current administration’s efforts to promote the halal economy, particularly those of Vice-President Kashim Shettima, whom he said had the President’s support to advance the initiative.
Yaro urged the Presidency to pay greater attention to opportunities available to Nigerian businesses through the D-8 framework, particularly in access to finance, halal industries and international partnerships.
“D-8 have a very vital role to play. Nigerians are very ready. We are very ready. We are hardworking business people. We are hardworking entrepreneurs. We are here in numbers,” he said.
He urged the government to ensure that relevant businesspeople were included in future delegations and that Nigerian entrepreneurs benefited from the experience, contacts and investment opportunities offered by international trade events.
On the absence of government representation, Yaro said the Ministry of Trade might have had insufficient notice to attend, but called for better coordination ahead of future editions.
He advised the government and relevant institutions to identify active businesses and invite stakeholders whose work aligned with the objectives of the forum.