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The Central Bank of Nigeria (CBN) has reiterated the need for stronger cross-border payment infrastructure and improved foreign exchange market efficiency to unlock greater trade opportunities across Africa under the African Continental Free Trade Area (AfCFTA).
Speaking at a business symposium hosted by Citi, Lamido Yuguda, Deputy Governor for Financial System Stability at the CBN, said efficient payment systems and better access to trade finance are essential to reducing transaction costs and enabling seamless regional commerce.
The symposium, themed “Broadening Trade Flows within West Africa’s Main Corridors under the African Continental Free Trade Area (AfCFTA)”, brought together policymakers, financial institutions, and private sector leaders from Nigeria, Côte d’Ivoire, and Ghana to discuss strategies for deepening intra-African trade.
Payment Infrastructure Critical to AfCFTA Success
As Africa advances efforts to build a single continental market, financial infrastructure remains one of the key enablers of successful trade integration.
Despite the promise of AfCFTA, businesses across the continent continue to face structural barriers including fragmented payment systems, limited access to trade finance, regulatory inconsistencies, and logistical bottlenecks.
Yuguda noted that strengthening financial intermediation will become increasingly important as intra-African trade volumes expand.
According to him, efficient cross-border settlement systems and functional foreign exchange markets are necessary to eliminate friction in trade corridors and improve market access for businesses.
He stressed that stronger payment rails, improved FX liquidity, and deeper trade finance access would help reduce settlement delays and lower transaction costs for cross-border commerce.
This aligns closely with broader industry efforts to deploy RegTech solutions, enhance regulatory compliance, and modernise payment infrastructure to support regional economic integration.
Yuguda also reaffirmed the CBN’s commitment to supporting initiatives that strengthen financial stability while promoting deeper regional collaboration.
He noted that central banks across Africa must continue building resilient financial systems capable of supporting both trade expansion and capital mobility.
Nigeria Eyes Leadership in Regional Manufacturing Trade
Also speaking at the symposium, John Enoh, Nigeria’s Minister of State for Industry, said AfCFTA presents a major opportunity for Nigeria to expand industrial output and strengthen its position within regional value chains.
According to Enoh, the Federal Government is focused on improving industrial competitiveness, easing business constraints, and implementing policies that support export growth.
He said Nigeria is positioning itself to become a leading exporter of manufactured goods across Africa.
The minister emphasized the importance of shifting away from the export of raw commodities toward higher-value processed products.
According to him, industrial policy remains a critical missing link in unlocking the full value of regional trade.
He highlighted the strategic importance of the Lagos–Abidjan trade corridor, particularly in sectors such as agriculture and cocoa processing.
Using the cocoa industry as an example, Enoh explained that moving from exporting raw cocoa beans to producing branded chocolate represents the difference between commodity dependency and value-added industrial growth.
This transition, he noted, could significantly improve Africa’s competitiveness in global markets while strengthening domestic value chains.
Regional Collaboration Needed to Remove Trade Barriers
Kalilou Traoré, Côte d’Ivoire’s ambassador to Nigeria, said AfCFTA’s vision of a unified market serving over 1.3 billion people can only be achieved through stronger collaboration on trade financing, industrial development, and economic integration.
He pointed to non-tariff barriers, inconsistent standards, and infrastructure deficits as major obstacles slowing regional trade expansion.
Similarly, Gladys Mansa Yawa Feddy Akyea, Ghana’s Deputy High Commissioner to Nigeria, stressed that AfCFTA’s success will ultimately depend on its ability to improve connectivity, facilitate seamless trade, mobilise investment, and eliminate practical barriers to commerce.
She called for stronger partnerships across governments, financial institutions, and private enterprises to build resilient regional value chains.
These concerns reinforce the need for improved regulatory reporting, compliance management, and harmonised trade frameworks capable of reducing friction across multiple jurisdictions.
Financial Institutions Key to Trade Expansion
Nneka Enwereji, Managing Director and Chief Executive Officer of Citibank Nigeria Limited, said Nigeria remains central to the success of AfCFTA and presents substantial growth opportunities for businesses seeking regional expansion.
She noted that financial institutions have a critical role to play in enabling businesses to scale across African markets.
According to Enwereji, banks and payment infrastructure providers must continue delivering practical solutions that improve liquidity access, facilitate settlement, and enhance cross-border competitiveness.
As trade flows across Africa continue to expand, experts increasingly agree that modern payment systems, stronger financial infrastructure, and smarter compliance automation tools will be essential to supporting seamless commerce.
The symposium reinforced a growing consensus: unlocking the full potential of AfCFTA will depend not only on policy agreements but also on the digital and financial infrastructure that enables trade to move efficiently across borders.
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