Nigeria Pushes AfCFTA Drive, Targets Bigger Share of $3 Trillion African Market
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Dr. Jumoke Oduwole |
..... As Oduwole reiterates the Tinubu administration's commitment to ensuring that Nigerian businesses fully benefit from continental integration, improved market access, and emerging opportunities within Africa's rapidly expanding digital and physical trade ecosystem.
.... Describes the AfCFTA as one of the most significant economic integration projects in Africa's history, noting that the agreement provides access to a market of more than 1.4 billion people with a combined GDP exceeding $3 trillion.
Nigeria has intensified efforts to position its businesses for greater participation in the African Continental Free Trade Area (AfCFTA), as the Federal Government unveiled new initiatives aimed at expanding exports, improving trade facilitation and increasing access to continental markets.
Speaking at the second-quarter meeting of the AfCFTA Central Coordination Committee (CCC) in Abuja, the Honourable Minister of Industry, Trade and Investment, Dr Jumoke Oduwole reaffirmed Nigeria's commitment to fully harnessing the opportunities offered by the world's largest free trade area.
The Minister described the AfCFTA as one of the most significant economic integration projects in Africa's history, noting that the agreement provides access to a market of more than 1.4 billion people with a combined GDP exceeding $3 trillion.
According to her, "Nigeria had continued to record significant progress since the committee's first-quarter meeting, including the launch of an additional air cargo corridor with RwandAir on Africa Day, May 25, expanded stakeholder engagements across the country, and strengthened collaboration with the private sector and media.
"The government is also simplifying trade procedures through practical guidance tools and awareness programmes designed to increase participation by exporters, micro, small and medium enterprises (MSMEs), women-owned businesses and youth entrepreneurs." Oduwole stated.
"Access to opportunities alone does not guarantee success. Our ability to derive meaningful benefits from the AfCFTA will depend on how effectively we prepare our institutions, support our businesses and implement the commitments we have undertaken," she said.
A major focus of the meeting was the AfCFTA Adjustment Fund, which provides financing opportunities for businesses seeking to expand under the continental trade agreement. The Minister noted that discussions were ongoing to ensure Nigerian companies take advantage of available funding windows.
She also highlighted ongoing efforts to strengthen the legal framework for implementation through the domestication of AfCFTA protocols and instruments, describing the process as critical to integrating Nigeria's international trade commitments into its domestic regulatory environment.
The Minister further disclosed that Nigeria would host a series of major continental trade events later this month, including the AfCFTA Conference, the Council of Ministers Responsible for Trade meeting, and the Digital Trade Forum.
In a significant development, she confirmed her appointment as the incoming Chairperson of the AfCFTA Council of Ministers Responsible for Trade, a position she said would further enhance Nigeria's leadership role in shaping continental trade policy and implementation.
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Patience Okala |
Earlier, the National Coordinator of the Nigeria AfCFTA Coordination Office, Mrs. Patience Okala congratulated the Minister on her appointment, describing it as a recognition of her dedication to advancing Africa's trade integration agenda.
She revealed that Nigeria's recent participation at a continental forum in Lomé, Togo, had contributed to a major policy shift after the Togolese government announced visa-free access for all Africans following discussions involving the Minister.
The National Coordinator also highlighted achievements recorded since the committee's first-quarter meeting, including a major subnational engagement in Kano that brought together government institutions, exporters, manufacturers, women-led businesses and youth entrepreneurs.
According to her, more than 470 businesses participated in the engagement, with women-led enterprises accounting for a significant proportion of attendees.
Okala also announced that Nigeria's AfCFTA ABC Simplification Series had received continental recognition from the United Nations Economic Commission for Africa (UNECA) as an innovative tool for helping businesses understand and navigate trade procedures under the agreement.
The initiative, developed by members of the Central Coordination Committee, simplifies complex AfCFTA protocols into practical step-by-step guides for businesses.
Responding to questions from journalists, the Minister said Nigeria was already implementing measures to support President Bola Tinubu's vision of deeper intra-African trade, including collaboration with the Nigerian Commodities Exchange and Afreximbank under a trade facilitation framework for commodities across Africa.
She noted that Nigeria's air cargo corridors with Uganda Airlines and RwandAir, as well as ongoing efforts to access the AfCFTA Adjustment Fund, were part of broader strategies aimed at boosting exports and strengthening regional value chains.
The Minister stressed that the Central Coordination Committee remains one of the Federal Government's most important implementation platforms, bringing together public institutions, subnational actors and private-sector stakeholders to drive practical implementation of the AfCFTA.
She reiterated the Tinubu administration's commitment to ensuring that Nigerian businesses fully benefit from continental integration, improved market access, and emerging opportunities within Africa's rapidly expanding digital and physical trade ecosystem.
The meeting ended with a renewed commitment by stakeholders to deepen collaboration, expand support for women and youth-led enterprises, strengthen inter-agency coordination, and position Nigeria as a leading beneficiary of the African Continental Free Trade Area.
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