By Emmanuel Nduka Obisue
Nigeria has ramped up efforts to fast-track the full implementation of the African Continental Free Trade Area (AfCFTA), positioning itself to play a leading role in unlocking the continent’s $3.4 trillion single-market opportunity.
This was reaffirmed on Monday at the inaugural AfCFTA Public–Private–Press (P3) Summit in Abuja, where Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, called for stronger coordination among government agencies, the private sector and the media to accelerate Nigeria’s participation in intra-African trade.
The push aligns with Afreximbank’s latest commitment to mobilise $40 billion in financing by 2026 to boost industrialisation, value addition, and cross-border trade. The funding is expected to help Nigerian manufacturers, farmers and exporters expand production and take full advantage of AfCFTA’s preferential market access.
Describing the AfCFTA as “one of the world’s most ambitious economic integration projects,” Dr. Oduwole noted that it covers a $3.4 trillion market of 1.4 billion people, mostly young and entrepreneurial. She reiterated that Nigeria’s economic future depends on deeper involvement in intra-continental trade, stressing that “Africa retains more value when trading within the continent”.
Dr. Oduwole also referenced Nigeria’s longstanding role in Africa’s integration agenda, from the Lagos Plan of Action to the Abuja Treaty, and recalled that AfCFTA negotiations were concluded in Abuja in 2017 before Nigeria ratified the agreement in 2020.
Other strides highlighted include the inauguration of the AfCFTA Central Coordination Committee, the gazetting of Nigeria’s provisional tariff schedule, and the launch of a dedicated Exports Air Cargo Corridor serving East and Southern Africa, which has cut cargo rates by up to 75 per cent.
She further announced that Nigeria submitted its Schedule of Specific Commitments for Trade in Services in October, paving the way for Nigerian service providers to enjoy preferential access across Africa from 2026. She also confirmed the approval of the AfCFTA Protocol on Digital Trade and noted that Lagos will host the second AfCFTA Digital Trade Forum in 2026, while Nigeria has secured hosting rights for the 2027 Intra-African Trade Fair.
Afreximbank Reaffirms Support
Speaking at the summit, Afreximbank president, Dr. George Elombi, said the bank has mobilised $40 billion to support AfCFTA implementation, with most of the funds earmarked for scaling production and easing access to competitive financing for manufacturers, farmers, SMEs and exporters.
“Afreximbank must ensure AfCFTA succeeds,” he said, urging the media to promote accurate, development-focused reporting that builds public trust in the project.
Elombi highlighted major bank initiatives, including: The Intra-African Trade Champions programme; Special financing for investors in industrial zones; An additional $10 billion earmarked for private-sector development in pharmaceuticals and manufacturing; Export trading companies to support SMEs, women and smallholder farmers; Plans for dedicated maritime routes for intra-African trade; A digital continental transit guarantee scheme already being tested with COMESA and the East African Community.
He argued that Africa’s low level of intra-continental trade is tied to infrastructure deficits, bureaucratic bottlenecks, weak logistics and limited market intelligence, all challenges Afreximbank is actively tackling.
