The Federal Government of Nigeria has officially announced the launch of a $1 billion African Continental Free Trade Area (AfCFTA) Adjustment Fund Credit Facility, aimed at strengthening local production and boosting intra-African trade.
This ambitious initiative is expected to greatly assist in improving the competitiveness of Nigerian businesses in the continental market and accelerating the country’s export-led economic growth agenda.
According to a statement released by the Nigerian Ministry of Industry, Trade and Investment, the Minister of the sector, Dr. Jumoke Oduwole, spoke at a committee meeting held in Abuja, stating that this financing window creates a major opportunity for local companies to expand and modernize their operations.
The Minister added, “Since our first quarter meeting, we have continued to make steady progress in strengthening Nigeria’s readiness to maximize the opportunities presented by the One African Market.”
Dr. Oduwole explained that the government is actively resolving bottlenecks regarding export documentation, certification, and market access by using simplified trade tools and collaborating with various agencies. Furthermore, she emphasized the need to domesticate critical AfCFTA protocols at the national level, particularly the Digital Trade Protocol, to position Nigeria as a leader in the continental digital economy.
For her part, the National Coordinator of the Nigeria AfCFTA Coordination Office, Mrs. Patience Okala, stated that recent sensitization programs conducted in Kano State successfully engaged more than 470 businesses.
Okala explained that this $1 billion credit facility specifically targets large African enterprises that require a minimum financing capacity of $10 million for expansion and regional integration. She added that her office is currently working closely with fund managers to enable qualified Nigerian companies to access the financing through a new pilot group.
On the other hand, the Deputy Director at the Nigerian Export Promotion Council (NEPC), Mr. Peter Njoku, reaffirmed that registration remains compulsory for all exporters in the country.
The council announced that it has fully digitized the registration process to enable business owners to apply online from any location. According to him, successful applicants will receive a two-year certificate that grants them access to federal export incentives and development funds.
This fund program is expected to significantly support efforts to ensure Nigeria’s trade dominance within the African Continental Free Trade Area and boost its foreign exchange earnings.
