The Nigerian Government has reaffirmed its commitment to accelerating
Nigeria’s export-led growth agenda under the African Continental Free Trade
Area (AfCFTA) by unveiling opportunities for businesses to access a $1bn
AfCFTA Adjustment Fund Credit Facility. This is designed to boost production,
competitiveness, and intra-African trade.
The Minister of Industry, Trade and Investment, Jumoke Oduwole said that the
financing facility represented a major opportunity for Nigerian businesses
seeking to expand operations, modernise production processes, and increase
exports to African markets.
She noted that despite the progress Nigeria had made in implementing the
continental trade agreement, many local businesses continued to face obstacles
that limited their ability to take advantage of the single African market.
“Many businesses still face challenges relating to export documentation,
certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks
through enhanced trade facilitation measures, simplified AfCFTA guidance
tools, stakeholder engagement programmes, and stronger collaboration with
institutions such as the Nigeria Customs Service and the Nigerian Export
Promotion Council.
Oduwole emphasised the need to strengthen Nigeria’s legal and regulatory
framework by domesticating key AfCFTA protocols, particularly the Digital
Trade Protocol, to position the country as a major player in Africa’s growing
digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA
implementation efforts. According to her, the expansion of Nigeria’s Air Cargo
Corridor Initiative to Rwanda, increased collaboration with development
partners and private sector players, as well as sustained engagement with state
governments, were helping to deepen awareness and participation in the
continental market.
