The federal government has launched a report aimed at unlocking trade opportunities for micro, small and medium enterprises (MSMEs) to access the $3.5 trillion African Continental Free Trade Area (AfCFTA) market. The report, titled "Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA," was unveiled by Ibrahim Hadejia, deputy chief of staff to the president, in Abuja.
The report highlights the importance of strategic coordination for digital trade and the need for efficient cross-border payments, supported by trusted digital identity systems. According to Hadejia, deepening engagement with the AfCFTA and enabling businesses to conduct seamless cross-border transactions will be critical to unlocking trade, fostering growth, and creating jobs.
Nigeria is increasingly assuming a leading role in shaping the digital trade agenda across the African continent, and the report identifies the Pan-African Payment and Settlement System as a critical platform for cross-border digital payments. The federal government remains committed to strengthening critical infrastructure, regulatory frameworks, and partnerships to ensure Nigeria continues to lead in digital trade.
The report also emphasizes the need to address issues of trust, identity, and logistics to drive intra-African trade. Temitola Adekunle-Johnson, special adviser to the president on job creation and MSMEs, noted that the report would significantly strengthen the MSME ecosystem, while Salihu Dasuki, special assistant to the president on ICT policy, disclosed that the government has developed a framework to fast-track seamless cross-border payments.
The federal government's report on cross-border digital payments and identity is a crucial step towards unlocking the $3.5 trillion AfCFTA market for MSMEs. However, the success of this initiative will depend on the government's commitment to strengthening critical infrastructure and regulatory frameworks. The report's emphasis on addressing issues of trust, identity, and logistics is also welcome, as these are critical to driving intra-African trade. The government's efforts to fast-track seamless cross-border payments will be crucial in enabling MSMEs to scale beyond domestic markets. The Renewed Hope vision for Nigerian MSMEs, as outlined by President Bola Ahmed Tinubu, hinges on the success of this initiative.
