LAGOS – Nigeria has thrown its weight behind a $40 billion trade financing initiative led by Afreximbank, targeting Africa’s $120 billion trade finance gap and accelerating the continent’s economic integration under the African Continental Free Trade Area (AfCFTA).
The announcement came during the 2025 Intra-African Trade Fair (IATF) Business Roadshow in Lagos, where policymakers and business leaders outlined Nigeria’s strategy to dominate intra-African trade.
Key Highlights
1. Afreximbank’s $40B Funding Boost
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Sectors Covered: Petroleum, fertilizers, logistics, fashion, and creative industries.
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Goal: Eliminate trade barriers and create a seamless continental market.
Quote from Afreximbank’s Kanayo Awani:
“This financing will empower African businesses to trade more efficiently and compete globally.”
2. Nigeria’s Strategic Moves
✔ New Air Cargo Corridor: Lagos-Abuja to 13 Eastern/Southern African hubs, cutting freight costs by 50%.
✔ AfCFTA Market Intelligence Tool: Real-time data on tariffs, standards, and logistics for exporters.
✔ Creative Economy Push: CANEX platform and National IP Policy to boost licensing and digital exports.
Trade Minister Dr. Jumoke Oduwole:
“Nigeria is leveraging AfCFTA to industrialize and create jobs—this is Africa’s economic future.”
3. Nigeria’s Export Surge
Non-oil exports up 20.77% (2024) and 24.7% (Q1 2025).
Top Trade Partners: 39 African countries.
$462M in agro-exports, supporting textiles, cosmetics, and ICT sectors.
Why This Matters
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For Nigeria: Cementing its role as Africa’s trade hub beyond oil.
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For SMEs: Easier access to finance, logistics, and new markets.
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For Africa: A critical step toward self-reliance and global competitiveness.
What’s Next?
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Scaling the air cargo network to West/Central Africa.
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Expanding the AfCFTA tool to cover 54 countries by 2026.
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Unlocking creative exports: Nollywood, Afrobeats, and fashion to tap $2.1B African entertainment market.
