News Agency of Nigeria
AfCFTA lauds progress in economic integration

AfCFTA lauds progress in economic integration

222 total views today

Progress

Okeoghene Akubuike

Mr Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, has lauded the progress made toward realising the vision of Africa’s founding fathers for economic integration.

Speaking at the 32nd Afreximbank Annual Meetings (AAM) 2025 in Abuja, Mene underscored the vital role of economic integration in shaping the continent’s future.

The meeting themed, “Realising the Vision of the African Founders: Progress Towards Africa’s Trade and Economic Integration,” brought together leaders and stakeholders to assess the gains and challenges in Africa’s economic landscape.

Mene commended Prof. Benedict Oramah, President and Chairman of Afreximbank, for his leadership in supporting Africa’s economic development.

He noted that Afreximbank had been instrumental to the success of AfCFTA, a landmark initiative to establish a single, integrated market for goods and services across Africa.

He described the establishment and operationalisation of the AfCFTA as one of the most ambitious and transformative milestones toward continental integration since the independence era.

Mene outlined several areas of progress: noting 49 countries had ratified the AfCFTA Agreement, representing 90.7 per cent of signatories.

“Tariff reductions and simplified customs procedures are easing trade. Meaningful trade is underway, with businesses benefiting from reduced or zero tariffs.

“Progress is also evident in services trade, including finance, retail, telecommunications, and tourism.”

He noted the adoption of key protocols covering investment, intellectual property, competition policy, digital trade, and the inclusion of women and youth in trade.

Mene emphasised that the AfCFTA was more than a trade agreement; a framework for inclusive and sustainable growth, especially for small-scale traders, women, and youth.

He said results already included diversification of export destinations, reduced trade barriers, increased economic activity, job creation, and SME growth. However, challenges remained.

Mene called for bold investments in infrastructure to better connect African markets and enable freer movement of goods and people.

He also highlighted the need to ratify protocols on free movement of persons and the right of establishment.

He ended by stressing the importance of sustained political will, public-private partnerships, and inclusive stakeholder engagement.

“We dare not fail in this historic mission to integrate and transform Africa.

“We want African-made goods and services flowing freely across borders, generating jobs, stimulating industries, and improving lives.

“We owe it to our 1.4 billion fellow Africans to build a strong, self-reliant Africa ready to claim its place in the global economy,” Mene said.(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

AfCFTA: Cardoso calls for greater cohesion among African countries

AfCFTA: Cardoso calls for greater cohesion among African countries

181 total views today

By Okeoghene Akubuike

Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria(CBN), says fostering greater strategic cohesion among African countries will secure Africa’s future.

Cardoso said this at the African Export-Import Bank (Afreximbank) 32nd Annual Meetings(AAM2025) in Abuja on Wednesday.

He said this should be done by accelerating the implementation of the African Continental Free Trade Area (AfCFTA) treaty,  deepening regional integration, and building robust engagement with the African diaspora.

“To secure the future that we envision, we must foster greater strategic cohesion among African member states, “he said.

Cardoso commended the African Executive Panel for their work in redefining the meaning of diaspora and forming partnerships with the African diaspora which include the Caribbean.

He emphasised the importance of Afreximbank in promoting African trade and economic development.

Cardoso noted that the bank had emerged as a trusted partner, a convener of ambition, and a catalyst for change, shaping strategy, enabling execution, and elevating African agencies across the globe.

He noted that  Nigeria had received approximately 52 billion dollars in trade and project financing over the past decade, mirroring both the size of the Nigerian economy and the depth of engagement with Afreximbank.

The Governor highlighted the bank’s impressive financial results, including its expansion from an initial capital base of 750 million dollars to over 40 billion dollars as of 2024.

He also commended the bank’s crisis preparedness, strategic foresight, and clear communication, which have enabled it to navigate challenges and thrive in a rapidly changing global environment.

“The celebration of Afreximbank’s 32 years of resilient growth and transformation is a testament to its commitment to promoting African economic development and its potential to shape the continent’s future.”

Cardoso said it was important to recognise the challenges facing the continent which include rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics

“These. not only undermining Africa’s developmental prospects, they are also threatening the coherence of the international ecosystem.”

Looking to the future, the governor called for even greater ambition and clarity of purpose.

He emphasised the need for green growth, digital transformation, food and energy sovereignty, and a dynamic private sector that drives opportunity, innovation, and inclusive prosperity at scale.

“Afreximbank has helped us dream big. Now it is time to deliver big. Let us commit to building the resilient institutions our people need.

“Our economies will expire, and our continent will serve,  let us live here today not only inspired by the past, but united in the work that lies ahead.”

Cardoso announced the introduction of two financial products, the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, designed to serve Nigerians living abroad.

He said they would also provide a secure and efficient platform for managing funds and investing in the Nigerian financial markets.

The News Agency of Nigeria (NAN) reports that the meetings, which has the theme “Building the Future on Decades of Resilience,” focus on accelerating trade opportunities, driving investment, and fostering innovation. (NAN)

Edited by Vivian Ihechu

Nigeria unveils findings from Digital Trade Survey at AfCFTA forum

Nigeria unveils findings from Digital Trade Survey at AfCFTA forum

246 total views today

By Mufutau Ojo
Nigeria has unveiled the results of its inaugural National Digital Trade Survey and Mapping Exercise, according to a BusinessDay report.

The results were presented on the sidelines of the inaugural AfCFTA Digital Trade Forum hosted by the AfCFTA Secretariat in Lusaka, Zambia.

Nigeria, a co- champion of Digital Trade under AfCFTA, is committed to building an inclusive and globally competitive digital economy under the leadership of President Bola Tinubu.

It would be recalled that Jumoke Oduwole, Minister of Industry, Trade and Investment, had in April issued a call for submissions and stakeholder engagement to ensure participation in Nigeria’s Digital Trade Survey.

The result is Africa’s first-ever Digital Services Directory—a resource offering detailed insights into Nigeria’s fast-growing digital economy and its potential to scale across the continent.

“I am proud to unveil the findings from Nigeria’s first-of-its-kind digital mapping effort.

“ This snapshot of 17 dynamic sectors provides deep insights into our digital economy and the bold ambitions of its trailblazers.

” Through this national survey, we have confirmed Nigeria is not just participating in Africa’s digital revolution—we are helping shape it.

“We had set out to identify Nigeria’s digital service providers, pinpoint priority African markets, inform national policy, and shape Nigeria’s leadership in implementing the AfCFTA Protocol on Digital Trade,” Oduwole said at the forum.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

Compliance with tyre standards will enhance global trade – SON

Compliance with tyre standards will enhance global trade – SON

405 total views today

By Lucy Ogalue

The Standards Organisation of Nigeria (SON) says compliance with tyre standards will ensure road safety and position Nigerian businesses for global trade under the African Continental Free Trade Area (AfCFTA).

The Director-General of SON, Dr Ifeanyi Okeke, said this at a sensitisation programme for tyre dealers at the Apo Mechanic Village on Thursday in Abuja.

Okeke, represented by the Director, North Central, Dr Marline Waziri, also known as “Mama Africa,” emphasised that substandard tyres posed serious risks to lives and the economy.

According to him, AfCFTA presents an opportunity for Nigerian businesses to access a larger market but failure to comply with standards can leave local products in the country uncompetitive.

“This meeting is of international interest. With AfCFTA, we are working towards a single market in Africa.

“If we continue selling substandard tyres while other countries maintain high-quality standards, our products will be pushed out of the market,” he said.

He noted that more than 50 African countries had ratified the AfCFTA agreement, making it imperative for Nigerian businesses to align with international best practices.

“As a regulatory body for standardisation, inspection and certification, SON is taking this initiative seriously.

“There is a campaign going on now by SON and what we are saying is that you should ‘arrive alive’. And how do you arrive alive? It is only when you go for standard tyres.

“Tyre retailers must ensure they sell only quality products. Enough of substandard tyres,” he said.

The Chairman of the Abuja Automobile Tyre Dealers Association, Mr Samuel Nwangwu, welcomed the initiative and commended SON for engaging with stakeholders.

“I appreciate the Director-General of SON and his representative, our Mama Africa, for coming to enlighten us on this important issue. We are law-abiding and ready to learn,” Nwangwu said.

Representing the Corps Marshal of the Federal Road Safety Corps (FRSC), Corps Commander Kunle Oguntoyinbo, stressed that improper tyre usage and storage are major causes of road crashes.

“If tyres are not properly stored, even if they have not expired, they can fail. Tyre bursts often lead to severe accidents, which is why enforcement and compliance are necessary,” he said.

He urged tyre dealers to collaborate with regulators and enforcement agencies to improve road safety.

SON’s FCT Coordinator, Mr Gamagira Mohammed, also highlighted the dangers posed by substandard tyres, describing them as life-threatening.

“The DG and his management team are deeply concerned about the influx of substandard tyres. We are here to educate, not to carry out enforcement actions.

“SON encourages businesses to do the right thing to protect lives,” Mohammed said.

The event ended with a commitment from SON and the tyre dealers to continue sensitisation programmes and establish a committee for continuous engagement on quality assurance. (NAN)

Edited by Francis Onyeukwu/Chinyere Joel-Nwokeoma

ECA, AfCFTA to boost visibility of women, youths through e-commerce

ECA, AfCFTA to boost visibility of women, youths through e-commerce

522 total views today

By Lucy Ogalue

Women and youth entrepreneurs in Nigeria will benefit from improved access to African markets following the validation of the Market Access Guide and E-Commerce Platform.

An Economist with the United Nations Economic Commission for Africa (UN-ECA), Mamudou Sebego, said this at the Nigeria African Continental Free Trade Area (AfCFTA) Validation Workshop, in Lagos.

According to him, the entrepreneurs will gain visibility under the AfCFTA initiative.

“This event marks the third consultative engagement between the Nigeria AfCFTA Coordinating Office, with support from the UN-ECA and Nigerian businesses, focusing on enhancing the competitiveness of women and youths in cross-border trade.

“The platform and guide aim to simplify trade processes, enable visibility for products, and connect vendors with buyers across the continent.

“It is expected to address longstanding challenges such as logistics bottlenecks and difficulties with export documentation, which many small business owners have faced.”

Sebego added that the platform was designed to serve three key purposes: giving visibility to products, facilitating vendor-buyer matchmaking.and enabling cross-border transactions.

He emphasised the importance of collaboration among government agencies to ensure AfCFTA implementation.

“Registration, product verification, and customs documentation remain under the purview of various institutions such as the Corporate Affairs Commission (CAC), the Nigerian Export Promotion Council (NEPC), and the Nigeria Customs Service.

“The e-commerce platform will not override regulatory processes but will integrate them over time.

“The goal is to simplify and eventually connect these processes online, but regulatory bodies will still play their role,”he said.

The Representative, Nigeria AfCFTA Coordinating Office, Franca Achimugu, expressed the country’s readiness to implement AfCFTA commitments.

“Nigeria has taken a significant step forward by participating in the Guided Trade Initiative (GTI), a pilot phase of AfCFTA aimed at testing trade processes among willing and ready state parties.

“So, GTI allows countries that are ready to start trading and test the processes.

“Nigeria joined the GTI in June 2024 and successfully made its first shipment to Kenya in September, which arrived at its destination in December 2024,” she said.

Achimugu said that while the pilot shipment exposed gaps needing adjustments, Nigeria was  almost good and ready to go.

She said that the ultimate goal was to enhance the competitiveness of women and youth in the AfCFTA, noting that information was more important than money.

“This work is showing us where the opportunities are across Africa and what the requirements are for each market,” she  said.

Mrs Bukola Ajani, President, Association of Women in Fashion Tech, commended the initiative and expressed concerns about production cost.

“It will work similarly to platforms like Amazon and Alibaba, and business owners have expressed optimism about the project’s potential to reduce the burden associated with physically moving goods across borders.

“This will help us sell our products without travelling out of Nigeria. That is a major advantage, but concerns about production costs remain.

“Challenges such as high energy costs and currency devaluation still undermine competitiveness in the free trade market.

“With a little push and support, we are ready to showcase our products to Africa and beyond,”Ajani said.

Dr Blessing Irabor-Oza, National President, Organisation of Women in International Trade (OWIT), described the guide and platform as game-changing for women-led businesses.

“Some of our members are already exporting to the UK and US, but this will help many more women tap into the African market.

“The e-commerce platform will showcase our products and simplify payment systems,” she said.

She reiterated the potential for Nigerian products, particularly in the fashion and beauty sectors, to thrive under AfCFTA.

“Our African fashion and Shea butter products are in high demand globally, and with proper packaging and standards, we can compete with the best,” she added.

Mrs Margaret Adepetu, Women’s Coordinator for the Association of Small Business Owners of Nigeria, also commended the initiative.

Adepetu said that while digital tools were helpful, addressing fundamental issues like the high cost of fuel and improving the value of the naira remained crucial.

“We can have all the platforms, but if the cost of fuel and electricity remains high, our products will still struggle to compete,” she said.

The News Agency of Nigeria (NAN) reports that the event was attended by representatives of government, stakeholders, entrepreneurs and partners. (NAN)

Edited by Kadiri Abdulrahman

Shettima reaffirms Nigeria’s resolve to champion AfCFTA

Shettima reaffirms Nigeria’s resolve to champion AfCFTA

392 total views today

AfCFTA

By Salisu Sani-Idris

Vice-President Kashim Shettima, says Nigeria is ready to spearhead the African Continental Free Trade Area (AfCFTA).

Shettima said this at a forum of Friends of AfCFTA on the sidelines of the ongoing 2025 World Economic Forum (WEF) in Davos, Switzerland.

While addressing the forum tagged, “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” Shettima said Nigeria was committed to AfCFTA as a vehicle for shared prosperity.

He said Africa was in a unique position to take advantage of global talent deficits.

The Vice-President cited a Korn Ferry study that projected a global human talent shortage of more than 85 million people by 2030.

“By 2050, Nigeria’s population will surpass that of the U.S. becoming the third most populous nation on earth at 440 million people,” he stated.

Shettima said Nigeria’s technological strength was propelling it into the knowledge age.

“Today, we have 220 million telecom subscribers and 163 million internet users in Nigeria alone.

“This provides us with immense opportunities to empower our people. While our highest oil export earnings were 35 billion dollars in 2011, India last year earned about 120 billion dollars from outsourcing alone.

“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny,” he said.

Aligning with Shettima, Mr Borge Brende, the WEF President, said Africa’s demographic advantage presented huge economic opportunities for the continent.

He noted that while most nations faced workforce challenges, Africa’s young population positioned it for unprecedented growth.

“If the Secretary General of the AfCFTA is given all the support he deserves, we can boost intra-African trade by a staggering 50 per cent.

“As of today, 29 trillion dollars represents one-third of the global Gross Domestic Product (GDP). Africa is such a growing continent, and one of its key promises is demography.

“The challenge now is creating new jobs for the youth population,” he stated. (NAN)

Edited by Salif Atojoko

===================

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email