Senior government officials, diplomats, financial regulators and business leaders from Nigeria, Ghana and Côte d’Ivoire have called for urgent reforms to strengthen West Africa’s trade corridors and accelerate the implementation of the African Continental Free Trade Area (AfCFTA).
The call was made at a high-level Business Symposium organised by Citi in Abuja on Thursday, where stakeholders examined practical measures to boost intra-African trade, address longstanding bottlenecks, and unlock new opportunities for regional commerce.
The symposium, titled:“Broadening Trade Flows within West Africa’s Main Corridors under the African Continental Free Trade Area (AfCFTA),” brought together representatives from the public and private sectors to discuss strategies to enhance trade flows across the region.
Participants acknowledged the vast economic opportunities presented by AfCFTA but noted that significant challenges remain, including regulatory fragmentation, inadequate trade finance, poor infrastructure and logistical inefficiencies.
Speaking at the event, Côte d’Ivoire’s Ambassador to Nigeria, Kalilou Traoré, described AfCFTA as a transformative initiative aimed at creating a single market of more than 1.3 billion consumers across Africa.
He noted that despite progress made so far, non-tariff barriers, unharmonised standards and infrastructure deficits continue to hinder trade across the continent.
According to him, the success of AfCFTA will depend largely on stronger collaboration among African countries in financing trade, promoting industrialisation and developing economic zones.
Similarly, Ghana’s Deputy High Commissioner to Nigeria, Dr Gladys Mansa Yawa Feddy Akyea, said the true measure of AfCFTA’s success would be its ability to facilitate trade, improve connectivity, mobilise finance and remove practical obstacles confronting businesses.
She stressed the need for deeper regional collaboration to build value chains capable of transforming Africa into a globally competitive integrated market.
The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Lamido Yuguda, underscored the critical role of financial systems in supporting regional trade.
“As intra-African trade scales under AfCFTA, the efficiency of financial intermediation will play a pivotal role,” Yuguda said.
“Strengthening cross-border payment systems, improving FX market functionality and deepening access to trade finance are essential to reducing transaction costs and enabling smoother trade flows.”
He added that the apex bank would continue supporting initiatives aimed at enhancing financial stability while promoting greater regional integration.
Yuguda further argued that central banks should be viewed as enablers rather than passive observers, emphasising their responsibility to build efficient payment and trade systems while improving access to finance for businesses operating across borders.
On his part, the Minister of State for Industry, Senator John Owan Enoh, said AfCFTA offers Nigeria a major opportunity to accelerate industrial growth and expand market access for local businesses.
“AfCFTA presents a significant opportunity to accelerate Nigeria’s industrial growth and expand market access for our businesses,” Enoh said.
“Our focus is on strengthening the competitiveness of Nigerian industries, improving the ease of doing business and implementing policies that support export growth and regional value chains.”
He stated that the Federal Government is positioning Nigeria to become a leading exporter of manufactured goods and a key driver of intra-African trade and economic integration.
The minister urged African countries to move beyond exporting raw materials and focus on value-added products.
“Industrial policy is the missing link,” he said, stressing that greater value can be derived when African countries process and brand their products rather than exporting raw commodities.
Highlighting the strategic significance of the Lagos-Abidjan corridor, Enoh said the route could play a major role in strengthening industries such as cocoa processing and promoting regional value chains.
He noted that the transition from exporting raw cocoa beans to producing branded chocolate reflects the difference between “dependency and dignity” and demonstrates the importance of capturing greater value from Africa’s resources.
The CBN and the Federal Ministry of Industry, Trade and Investment jointly called for stronger private-sector participation in policy formulation, urging businesses to provide data-driven recommendations that could help reduce cross-border trade barriers.
The symposium featured panel discussions and focus group sessions involving representatives from several institutions, including the Standards Organisation of Nigeria (SON), Nigerian Export Promotion Council (NEPC), Nigerian Investment Promotion Commission (NIPC), National Agency for Food and Drug Administration and Control (NAFDAC), Nigeria Customs Service (NCS), Nigerian Export-Import Bank (NEXIM), Nigeria Sovereign Investment Authority (NSIA), Development Bank of Nigeria, African Export-Import Bank (Afreximbank), financial institutions, corporates, SMEs and development partners.
Discussions focused on improving cross-border trade efficiency, expanding financial solutions for intra-African commerce and creating a more enabling policy environment.
Managing Director and Chief Executive Officer of Citibank Nigeria Limited, Nneka Enwereji, said Nigeria remains central to the success of AfCFTA and stands to benefit significantly from increased regional trade.
“Nigeria plays a pivotal role in the success of the African Continental Free Trade Area, presenting significant opportunities for businesses,” she said.
“The AfCFTA aims to facilitate the efficient cross-border movement of goods, capital and payments. Citi is committed to providing practical financial solutions that empower our clients to expand regionally and enhance their competitiveness in new markets.”
Participants identified customs bureaucracy, non-tariff barriers, fragmented standards, poor infrastructure, limited currency convertibility, and a persistent trade finance gap as major obstacles to intra-African trade.
Among the solutions proposed were the digitisation of trade processes through single-window clearance systems, harmonisation of standards, wider adoption of the Pan-African Payment and Settlement System (PAPSS) for local currency transactions and increased investment in transport and trade infrastructure.
Corporate leaders also advocated stronger logistics networks, greater technology adoption and improved regulatory trust as key drivers of industrialisation and value addition across the region.
The symposium concluded with a shared commitment among participants to accelerate practical solutions to boost trade across West Africa and ensure that businesses can fully benefit from opportunities under the AfCFTA.
Citi reaffirmed its commitment to working with governments, regulators and businesses to strengthen trade infrastructure, improve market access and support regional economic growth and prosperity.
