The Federal Government has released a report designed to facilitate trade between Nigeria and other African countries. The report, titled "Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA", focuses on the use of digital payments and identity systems to unlock opportunities for small businesses.
The report is aimed at helping Micro, Small, and Medium Enterprises (MSMEs) tap into the African Continental Free Trade Area (AfCFTA) market, which is valued at $3.5 trillion. The AfCFTA is a trade agreement between African countries that aims to promote economic integration and cooperation.
The report highlights the potential of digital payments and identity systems in facilitating cross-border trade. It notes that digital payments can reduce the costs and complexities associated with traditional payment methods, making it easier for businesses to trade across borders.
The launch of the report is seen as a step towards implementing the AfCFTA agreement in Nigeria. The government is expected to work with stakeholders to implement the recommendations outlined in the report.
The report is a collaborative effort between the Federal Government and various stakeholders, including the private sector and development partners.
