Nigeria is targeting an export market worth up to $79 billion through enhanced export capacity under the African Continental Free Trade Area (AfCFTA) framework. The country aims to leverage AfCFTA protocols to expand trade and economic growth across Africa.
Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, made this announcement at a high-level roundtable on Nigeria’s implementation of AfCFTA protocols in Abuja, with Wamkele Mene, the AfCFTA Secretariat’s Secretary General, in attendance.
Oduwole highlighted Nigeria’s crucial role in the AfCFTA negotiations and implementation, underscoring the country’s leadership in aligning regulatory frameworks with the AfCFTA’s protocols on investment, digital trade, intellectual property rights, and competition policy.
She also outlined the anticipated benefits of the AfCFTA, including a 15-17% increase in GDP, the creation of 11 million new jobs, and a 15% expansion in export capacity, potentially reaching $79 billion in exports.
The discussion also focused on Nigeria’s progress in digital trade, with Oduwole emphasizing the country’s leadership in the sector. She referenced initiatives such as the Technology Export and Digital Trade Desk, the National Talent Export Programme, and the 3 Million Tech Talent Programme as examples of Nigeria’s investment in the digital economy.
Oduwole also noted that Nigeria’s digital economy is thriving, with the ICT sector contributing 20% to GDP, e-commerce spending expected to hit $75 billion by 2025, and digital trade revenue projected to grow from $5.09 billion in 2019 to $18.3 billion by 2026.
Nigeria is also updating its trade policy to align with AfCFTA goals, with efforts to remove trade barriers and boost competitiveness. Oduwole called for continued collaboration between the AfCFTA Secretariat, Afreximbank, and other stakeholders to ensure successful implementation and to expand opportunities for women, youth, and small businesses across Africa.
