Minister of Industry, Trade, and Investment, Jumoke Oduwole. Photo: File
• Nigeria needs to be strengthened by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol.
The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a $1bn AfCFTA Adjustment Fund Credit Facility designed to boost production, competitiveness and intra-African trade.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this on Tuesday during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, congratulated Oduwole on her recent appointment as Chairman of the AfCFTA Council of Ministers.
She described the development as evidence of Nigeria’s increasing influence in Africa’s trade integration process.
Okala disclosed that recent AfCFTA sensitisation programmes held in Kano attracted more than 470 businesses, including significant participation from women-led enterprises.
She added that the newly introduced AfCFTA ABC Series was equipping businesses with practical knowledge on export procedures and helping them understand how to access opportunities within the continental market.
“The recent AfCFTA sensitisation engagements in Kano attracted more than 470 businesses, including strong participation by women-led enterprises. The newly launched AfCFTA ABC Series is helping businesses better understand export procedures and take advantage of opportunities within the continental market”, the statement added.
Providing details of the financing initiative, Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Also speaking at the meeting, a Deputy Director at the Nigerian Export Promotion Council, Mr Njoku, reiterated that registration with the council remained compulsory for all exporters operating in Nigeria.
He announced that the registration process had been fully digitised, enabling businesses across the country to complete the exercise online.
According to him, successful applicants receive an Exporter’s Certificate valid for two years, granting them access to incentives such as the Export Expansion Grant and the Export Development Fund.
Delivering the vote of thanks on behalf of the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Chris Osa Isokpunwu, the Director of Special Duties, Dr Simon Om-Ezomo, commended the AfCFTA Secretariat, the Nigeria Customs Service, government agencies, private sector operators and development partners for their continued support.
He emphasised the importance of sustained collaboration, stakeholder engagement and effective implementation of policies to enable Nigeria to fully harness the benefits of the continental free trade agreement.
The meeting ended with renewed commitments from stakeholders to strengthen inter-agency cooperation, expand opportunities for women and youth entrepreneurs, increase the utilisation of AfCFTA market access provisions and deepen Nigeria’s participation in regional and continental value chains.
Participants also reaffirmed their support for Nigeria’s preparations for major continental engagements scheduled for June and July 2026, with a shared objective of boosting exports, attracting investment, driving industrial growth and creating jobs.
The African Continental Free Trade Area, which commenced trading in January 2021, is the world’s largest free trade area by number of participating countries, bringing together 54 African nations into a single market of more than 1.4 billion people with a combined Gross Domestic Product estimated at over $3tn.
Nigeria formally began trading under the AfCFTA Guided Trade Initiative in 2024 and has since intensified efforts to improve export readiness among businesses. Government officials have repeatedly argued that the agreement presents a significant opportunity for the country to diversify away from oil dependence, increase non-oil exports and integrate local manufacturers into regional value chains.
However, stakeholders have continued to identify challenges such as limited access to trade finance, inadequate knowledge of export procedures, standards compliance issues and logistics constraints as barriers preventing many businesses, particularly small and medium-sized enterprises, from fully benefiting from the agreement.
The newly unveiled $1bn AfCFTA Adjustment Fund Credit Facility is expected to address some of these financing gaps and enhance the competitiveness of African businesses within the continental market.
