Nigeria has set its sights on unlocking an export market worth up to $79 billion by leveraging the African Continental Free Trade Area (AfCFTA) framework to expand its export capacity.
Speaking at a high-level roundtable in Abuja on Nigeria’s implementation of AfCFTA protocols, Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, highlighted the nation’s strategic leadership in AfCFTA’s development and implementation. The event featured Wamkele Mene, Secretary General of the AfCFTA Secretariat.
Nigeria’s Role in AfCFTA’s Evolution
Dr. Oduwole acknowledged Nigeria’s critical contributions to AfCFTA, including chairing the Negotiating Forum that shaped the agreement. She also emphasized the country’s ongoing efforts to align regulatory frameworks with AfCFTA protocols covering investment, digital trade, intellectual property rights, and competition policy.
“The benefits of AfCFTA to Nigeria’s economy are vast,” she stated, outlining potential gains such as a projected 15-17% GDP growth, the creation of 11 million new jobs, and a 15% increase in export capacity, translating to $79 billion in additional exports.
Advancing Digital Trade and Economic Development
Dr. Oduwole praised Nigeria’s leadership in digital trade within AfCFTA, citing milestones such as the establishment of the Technology Export and Digital Trade Desk and the development of the Digital Economy and E-Governance Bill to regulate electronic communications and signatures.
She highlighted several government initiatives aimed at bridging knowledge gaps and enhancing digital trade capacity, including:
- The National Talent Export Programme
- The Outsource to Nigeria Initiative
- The Investment in Digital and Creative Enterprises Programme
- The 3 Million Tech Talent Programme
She also provided compelling data showcasing Nigeria’s growing digital economy:
- ICT contributed 20% to GDP in Q2 2024.
- E-commerce spending is projected to reach $75 billion by 2025.
- Digital trade revenue is expected to grow from $5.09 billion in 2019 to $18.3 billion by 2026.
Policy Updates and Private Sector Engagement
The minister noted that Nigeria has revised its trade policies to align with AfCFTA objectives, submitting its Schedule of Tariffs and Services and engaging the private sector to maximize intra-African trade opportunities. She stressed the importance of fostering partnerships to enhance trade facilitation, ease of doing business, and competitiveness in regional markets.
Dr. Oduwole further called for collaboration with stakeholders like Afreximbank, highlighting the launch of the $1 billion Automobile Industry Facility Fund as part of Nigeria’s industrialization efforts.
Collaboration for Inclusive Growth
Dr. Oduwole urged policymakers, private sector leaders, and entrepreneurs to work together to dismantle trade barriers, invest in digital and physical infrastructure, and create opportunities for women, youth, and small and medium enterprises (SMEs) to thrive in regional markets.
She commended the leadership of the AfCFTA Secretariat under Wamkele Mene, particularly its advancements in implementing critical protocols such as digital trade.
“This collaboration is key to Nigeria’s success within AfCFTA,” she concluded, emphasizing the need for continuous dialogue, capacity building, and partnership to ensure inclusive growth and sustainable economic development across the continent.
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