Nigeria Targets $79bn in Exports via AfCFTA.

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Nigeria aims to tap into the vast export market potential of up to $79 billion by expanding it’s export capacity through the African Continental Free Trade Area (AfCFTA) framework. 

This was disclosed by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, at a high-level roundtable on Nigeria’s implementation of the AfCFTA protocols in Abuja.

Dr. Oduwole commended Nigeria’s participation in the development of AfCFTA and it’s leadership in implementing the trade agreement. She noted that Nigeria played a key role in chairing the negotiating forum that delivered the AfCFTA and has been actively engaged in aligning regulatory frameworks with AfCFTA protocols.

The minister highlighted the anticipated benefits of AfCFTA to Nigeria’s economy, including “an estimated 15-17 percent increased growth in gross domestic product, creation of 11 million new jobs across sectors, and expansion of export capacity by at least 15 percent, amounting to $79 billion in increased exports.”

Dr. Oduwole emphasized Nigeria’s leadership in digital trade within AfCFTA, citing initiatives such as the launch of the Technology Export and Digital Trade Desk, the development of a digital economy and e-governance bill, and programs like the National Talent Export Programme and Outsource to Nigeria Initiative. “Nigeria is a leader in digital trade within AfCFTA,” she said.

“There is compelling data on Nigeria’s digital economy,” Oduwole added. “Information Communication Technology sector contributing 20 percent to GDP (Q2 2024), e-commerce spending projected to reach $75bn by 2025 and digital trade revenue growth from $5.09bn in 2019 to a projected $18.3bn in 2026.”

She noted that Nigeria has made significant progress in updating its trade policy to align with AfCFTA objectives, including submitting its Schedule of Tariffs and Services, enhancing private sector engagement, and fostering readiness for intra-African trade opportunities.

Dr. Oduwole stressed the importance of partnerships with stakeholders, such as Afreximbank, and called for continued dialogue and capacity building to ensure inclusivity and successful implementation of the AfCFTA. 

“I would like to emphasise the importance of partnerships with stakeholders,” she said. “I call for continued dialogue and capacity building to ensure inclusivity and the successful implementation of the AfCFTA.”

She urged stakeholders to collaborate on removing barriers to trade, boosting competitiveness, and investing in digital and physical infrastructure to support trade.

The minister concluded by commending the leadership of the AfCFTA Secretariat under Secretary General Wamkele Mene for advancing the AfCFTA framework and implementing critical protocols, particularly on digital trade

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