FG unveils $1bn AfCFTA fund to boost Nigeria’s export drive

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.

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