Nigeria’s Trade Minister Pledges Full Utilisation of AfCFTAAmidst Business Concerns Over Cross-Border Challenges

Nigeria’s new Minister of Industry, Trade, and Investment, Jumoke Oduwole, has committed to fully leveraging the African Continental Free Trade Agreement (AfCFTA) to boost the nation’s economic prospects. Following her swearing-in by President Bola Tinubu on Monday, Oduwole addressed concerns about Nigeria’s barriers to cross-border trade, assuring stakeholders that AfCFTA would be optimally implemented to benefit the country.

Oduwole emphasised the necessity of revising Nigeria’s trade policies to generate jobs for young Nigerians, stating, “The time has come for Nigeria to reverse her trade policies to create competitive jobs for our teeming youths.” A statement from the ministry confirmed her commitment to measurable performance assessments to ensure trade targets are met.

The AfCFTA, with 43 member states and 11 signatories, is the largest free trade area globally by number of member countries, creating a potential gateway for Nigeria to access an expansive continental market. However, international exhibitors at the Lagos International Trade Fair (LITF) expressed frustration, citing customs inefficiencies as ongoing obstacles to realisingthe agreement’s benefits.

Asantewa Dotcher, CEO of Charis Excel Ventures, which imports organic hair and skin products from Ghana, reported frequent delays at Nigerian customs, despite AfCFTA’s intent to streamline such trade flows. “We are not seeing the effects of the AfCFTA at the borders,” Dotcher noted, describing customs as unaligned with AfCFTA policies.

Others at the fair voiced similar concerns, indicating that rising costs due to currency devaluation have further complicated cross-border trade. One anonymous exhibitor remarked that many customers have been deterred by the inflated prices of imported goods.

Speaking at the trade fair’s opening ceremony, Oduwole, represented by Lucia Shittu of the Teslim Balogun Stadium Management Board, underlined the government’s recent reforms to reduce trade barriers and attract investment. Initiatives like the Export Development Fund and Trade Facilitation Programme aim to support Nigeria’s export growth and foreign partnerships.

“The present administration and the Ministry are dedicated to creating an enabling environment that supports businesses,” Oduwole said, urging exhibitors to maximise the trade fair as a platform for networking and expansion.