Nigeria is accelerating efforts to implement the African Continental Free Trade Area (AfCFTA) framework, aiming to unlock significant business opportunities across the continent for domestic enterprises.
The country’s commitment was reinforced during the Nigeria Intra-African Trade Fair (IATF) 2025 roadshow in Lagos, where Minister of Industry, Trade and Investment, Hon. Jumoke Oduwole, outlined strategic initiatives to enhance regional commerce. The event, attended by over 700 stakeholders, focused on strengthening intra-African trade networks and developing continental value chains.
Recent data indicates positive momentum in regional trade dynamics. Intra-African trade exports recorded growth exceeding 13 percent year-on-year, supported by new trade corridors and early AfCFTA implementation successes. Nigerian businesses are already capitalizing on these opportunities, with significant exports of ceramics, garments, pharmaceuticals, and agricultural products flowing to continental markets.
“Nigerian enterprises are key participants in this transformation, demonstrating our capacity to compete across diverse sectors,” Minister Oduwole stated during her keynote address. She emphasized the importance of recognizing the creative economy as a substantial trade frontier, noting that platforms like Creative Africa Nexus are proving African culture generates bankable returns.
The IATF platform has demonstrated remarkable success in facilitating trade connections. Over three editions, the fair has generated more than $100 billion in trade and investment agreements, attracting 70,000 participants and 4,500 exhibitors from 130 countries. Nigerian enterprises alone secured over $11 billion in signed deals during the 2023 edition, representing the highest performance among participating nations.
Executive Director of the Nigerian Export Promotion Council, Nonye Ayeni, highlighted the transformative potential of regional integration. “AfCFTA promises to create the world’s largest single market, connecting 1.3 billion people across 54 African countries,” she noted. The framework provides essential tools to bridge trade gaps, boost intra-African commerce, and drive sustainable economic growth.
The upcoming IATF2025 in Algiers will feature comprehensive programming including trade exhibitions, the Creative Africa Nexus summit, automotive showcases, and specialized business-to-business matching platforms. These initiatives are designed to operationalize AfCFTA benefits while creating tangible opportunities for Nigerian businesses to expand their continental footprint.
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