Experts: Nigeria’s Participation in AfCFTA Will Boost Regional Trade Growth

Arthur Eriye

Nigeria’s active participation in the African Continental Free Trade Agreement (AfCFTA), has been identified as a key opportunity to drive regional trade and economic growth across Africa. This is as the continent’s largest economy and most populous nation, is positioned to promote industrialisation, diversify exports, and achieve sustainable development through the agreement.

Despite its over-dependence e on oil, which accounts for over 90% of total exports as of 2023, the AfCFTA offers Nigeria a chance to expand its export base and reduce its dependence on oil. The agreement provides access to a market of over 1.3 billion people and a combined GDP of $3.4 trillion.

The Nigerian Export Promotion Council estimates that targeted export initiatives under AfCFTA could generate up to $30 billion annually in non-oil revenue by 2035. Key sectors like agriculture, manufacturing, and fintech are expected to thrive, with fintech benefiting from Africa’s growing digitalisation.

United Nations Deputy Secretary-General Amina Mohammed described AfCFTA as an “unparalleled opportunity” for Nigeria to lead Africa’s economic transformation. Similarly, Finance Minister Wale Edun highlighted government efforts to tackle socio-economic challenges, including digitising social welfare programs for greater transparency.

The National Coordinator of the Nigeria AfCFTA Coordination Office, Olusegun Awolowo emphasised the agreement’s potential to create jobs, foster industrialisation, and promote inclusive growth. He urged Nigeria to prioritise export growth to combat poverty and unemployment.

The African Development Bank estimates Africa’s annual infrastructure financing gap at $68–$108 billion, with closing this gap essential for AfCFTA’s success. The World Bank projects that AfCFTA’s full implementation could lift 30 million Africans out of extreme poverty, with Nigeria positioned as a major beneficiary.