By Progress Godfrey
ABUJA – The Federal Government has launched a $1 billion African Continental Free Trade Area (AfCFTA) Adjustment Fund Credit Facility to boost local production and intra-African trade.
This initiative aims to improve the competitiveness of Nigerian businesses and accelerate the country’s export-led economic growth agenda across continental markets.
According to a press release issued by the Ministry of Industry, Trade and Investment, its Minister, Dr Jumoke Oduwole, spoke at a committee meeting in Abuja on Tuesday, emphasising that the financing window offers a major opportunity for local companies to expand and modernise operations.
“Since our first quarter meeting we have continued to make steady progress in strengthening Nigeria’s readiness to maximise the opportunities presented by the One African Market,” Dr Oduwole said.
The Minister noted that the government is actively addressing challenges regarding export documentation, certification, and market access through simplified trade tools and agency collaborations.
She also emphasised the need to domesticate critical AfCFTA protocols, especially the Digital Trade Protocol, to position Nigeria as a leader in the continental digital economy.
Earlier, the National Coordinator of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, stated that recent sensitisation programmes in Kano successfully engaged over 470 businesses.
Okala explained that the 1 billion dollar credit facility targets large African enterprises requiring a minimum financing capacity of 10 million dollars for expansion and regional integration.
She added that her office is currently working with fund managers to help qualified Nigerian companies access the financing through a new pilot group.
Also speaking, Deputy Director at the Nigerian Export Promotion Council (NEPC), Mr Peter Njoku, stated that registration remains compulsory for all exporters in the country.
He announced that the council has fully digitised the registration process to enable business owners to apply online from any location. According to him, successful applicants would get a two-year certificate that grants them access to federal export incentives and development funds.
