Nigeria Aims for $79 Billion Export Market Under AfCFTA
Nigeria is setting its sights on a lucrative export market valued at up to $79 billion by enhancing its export capacity within the framework of the African Continental Free Trade Area (AfCFTA). The country is leveraging AfCFTA protocols to drive trade and economic growth across the African continent.
The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, made this announcement during a high-level roundtable discussion on Nigeria’s implementation of AfCFTA protocols in Abuja. The Secretary General of the AfCFTA Secretariat, Wamkele Mene, was also present at the event.
Oduwole emphasized Nigeria’s pivotal role in the AfCFTA negotiations and implementation, highlighting the country’s leadership in aligning regulatory frameworks with AfCFTA protocols on investment, digital trade, intellectual property rights, and competition policy.
She also outlined the expected benefits of AfCFTA, including a projected 15-17% increase in GDP, the creation of 11 million new jobs, and a 15% expansion in export capacity, with the potential to reach $79 billion in exports.
The discussion further delved into Nigeria’s advancements in digital trade, with Oduwole underscoring the country’s prominence in the sector. Initiatives such as the Technology Export and Digital Trade Desk, the National Talent Export Programme, and the 3 Million Tech Talent Programme were cited as examples of Nigeria’s commitment to the digital economy.
Additionally, Oduwole highlighted the thriving digital economy in Nigeria, with the ICT sector contributing 20% to GDP, e-commerce spending projected to reach $75 billion by 2025, and digital trade revenue expected to grow from $5.09 billion in 2019 to $18.3 billion by 2026.
Nigeria is also revamping its trade policy to align with AfCFTA objectives, with a focus on eliminating trade barriers and enhancing competitiveness. Oduwole called for continued collaboration among the AfCFTA Secretariat, Afreximbank, and other stakeholders to ensure successful implementation and to expand opportunities for women, youth, and small businesses across Africa.
