The Federal Government has accelerated policy implementation strategies to unlock opportunities within the African Continental Free Trade Area’s $3.4 trillion single market, positioning Nigeria for continental trade leadership.
Minister of Industry, Trade and Investment, Jumoke Oduwole, announced this strategic focus during a virtual roadshow for the Nigeria at Intra-African Trade Fair, emphasizing the country’s growing continental trade performance.
“Intra African trade exports grew by over 13 percent from last year supported by new trade corridors and the initial success of AfCFTA’s guideline initiatives,” Oduwole stated during her keynote address to government officials, business leaders, and Afreximbank executives.
Nigerian businesses have emerged as key continental participants, exporting ceramics, garments, pharmaceuticals, and agricultural products across Africa. This diversified export portfolio demonstrates Nigeria’s competitive advantages and manufacturing capabilities within continental markets.
The roadshow, themed “Harnessing Regional and Continental Value Chains: Accelerating Africa’s Industrialisation and Global Competitiveness through AfCFTA,” focused on promoting structured intra-African trade development and investment attraction.
Nonye Ayeni, Executive Director of the Nigerian Export Promotion Council, highlighted the Intra-African Trade Fair’s significance as an unparalleled platform for trade and investment information exchange. “With frameworks like AfCFTA and platforms like IATF we now have the tools to bridge the trade gap, boost intra-African trade and tremendously grow our economies,” she emphasized.
The AfCFTA represents the world’s largest single market, connecting 1.3 billion people across 54 African countries. This market size creates unprecedented opportunities for Nigerian businesses to scale operations and access diverse consumer bases.
Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, praised Nigeria’s IATF performance record. “At IATF2023 alone, Nigerian enterprises generated over $11 billion in signed deals, the highest of any country. Nigeria always shows up. Nigeria delivers,” Awani noted.
The trade fair’s track record demonstrates tangible results, with over $100 billion in trade and investment deals across three editions, engaging more than 70,000 participants and 4,500 exhibitors from 130 countries. These figures underscore the platform’s effectiveness in facilitating continental business connections.
Policy implementation acceleration focuses on removing regulatory barriers, streamlining customs procedures, and enhancing trade facilitation mechanisms. These reforms are essential for maximizing Nigeria’s AfCFTA participation and competitive positioning.
The government’s commitment to fast-tracking policy implementation reflects recognition that early AfCFTA adoption provides competitive advantages in continental market access. Nigerian businesses that establish strong continental presence early will benefit from first-mover advantages.
Building structured, sustainable, and competitive value chains represents a key objective for inclusive growth both domestically and continentally. These value chains can power economic expansion while creating employment opportunities and skills development.
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