President Bola Ahmed Tinubu has approved a ₦250 billion African Continental Free Trade Area (AfCFTA) Readiness Fund to enhance Nigeria’s trade competitiveness and maximize the benefits of the continental trade agreement.
The announcement was made in Abuja on Friday by the Nigerian AfCFTA Coordination Office during an event organized by the United Nations Development Programme (UNDP) Nigeria, in collaboration with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).
Speaking at the event, Olusegun Olutayo, Senior Trade Expert at the Nigerian AfCFTA Coordination Office, said the fund aims to improve Nigeria’s ease of doing business, diversify exports, align the agreement with the country’s economic growth plans, and drive industrial expansion.
According to Olutayo, the fund is being finalized in collaboration with the Central Bank of Nigeria (CBN) and the Bank of Industry (BoI) to establish modalities for its accessibility. “In principle, President Bola Tinubu has approved the AfCFTA Readiness Fund to the tune of ₦250 billion,” Olutayo said.
“The Fund is not yet available, but we are working to ensure it is put in place. Once finalized, it will benefit all Nigerians, including MSMEs, women, youths, farmers, and large manufacturers.”
The African Continental Free Trade Area, the largest free trade zone globally, brings together 55 African countries and eight Regional Economic Communities (RECs) into a single market. With a target market of 1.7 billion people and a projected GDP of $6.7 trillion by 2030, the AfCFTA offers immense opportunities for African economies.
Olutayo highlighted the critical role of the Nigerian Customs Service under the leadership of Bashir Adeniyi, noting that the agency has undergone significant transformation to address cross-border trade challenges effectively. He also revealed that President Tinubu would soon gazette Nigeria’s AfCFTA Protocol to formalize the country’s participation.
The event also focused on empowering women-led Micro, Small, and Medium Enterprises (MSMEs) to take advantage of AfCFTA opportunities. Under the theme, “Empowering Women-led MSMEs for Continental Trade Opportunities,” the forum convened policymakers, entrepreneurs, and investors to explore ways to strengthen the participation of Nigerian women in regional and continental trade.
Weyinmi Eribo, Director-General of WCCIMA, said the initiative addresses critical challenges faced by women entrepreneurs, equipping them to navigate the complexities of cross-border trade and boost productivity. “This collaboration with UNDP marks a pivotal moment in unlocking the full potential of women-led MSMEs in Nigeria. By addressing critical challenges, we are helping them navigate the complexities of cross-border trade, strengthen value chains, and enhance productivity in high-demand sectors,” she said.
Senior Economist at UNDP Nigeria, Tony Muhumuza, praised the initiative, stating that it equips women entrepreneurs with the tools, knowledge, and networks needed to succeed in cross-border trade. “At UNDP, we are making steady strides towards empowering women-led MSMEs to unlock their full potential in cross-border trade. This effort will expand businesses and contribute to sustainable economic growth across Nigeria and beyond,” Muhumuza said.
As part of the larger HerAfCFTA initiative, UNDP and WCCIMA aim to ensure that more women entrepreneurs are equipped to thrive in international markets, advancing Nigeria’s position in Africa’s economic integration. With the AfCFTA Readiness Fund and supportive initiatives, Nigeria is poised to drive economic transformation while empowering its citizens to compete in global markets.
