Nigeria’s payment system is ready for the AfCFTA – CBN

The Central Bank of Nigeria (CBN) has boasted of having a resilient payment system that is more than ready for the African Continental Free Trade Area Agreement.

This was highlighted by the Director, payment system, and management department of the CBN, Mr Musa Jimoh, in an ongoing town hall meeting for the AfCFTA.

According to the Director, Nigeria plans to become the hub for payment in Africa, and it requires a resilient payment infrastructure, which Nigeria already has. He also stated that Nigeria was recently ranked first in terms of payment system amongst its African peers.

Recall that the Nigerian Government last 2020, ratified the country’s membership of the African Continental Free Trade Area Agreement created for a single continental market for goods and services, with free movement of business and investments across the African region.

Mr. Jimoh reiterated Nigeria’s capacity to be at the forefront of payment services in the AfCFTA agreement compared to other African countries and also highlighted that the Nigerian fintech space will be allowed to process transactions seamlessly.

The overarching objective behind the AfCFTA is the elimination or reduction of tariff and non-tariff barriers amongst the 54 Countries that agreed to be members of the agreement by providing a single market for goods and services,

• The Agreement also seeks to lay the foundation for the establishment of a Continental Customs Union, promote and attain sustainable and inclusive socio-economic development, gender equality, and structural transformation of the State Parties.
• To also enhance the competitiveness of the economies of State Parties within the continent and global market, promote industrial development through diversification and regional value chain development, agricultural development, and food security amongst others.

In a recent sub-national symposium of the National Action Committee on the AfCFTA, Nigeria’s Minister of Industry, Trade, and Investment, Mr Adeniyi Adebayo revealed that the implementation of the trade agreement would boost Nigeria’s export potential to African countries and globally to record levels in 2 years.