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 the Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia, in Abuja.
The report is a result of collaboration between the Office of the Vice-President and ODI Global under the Supporting Investment and Trade in Africa (SITA) programme. Hadejia described the research as timely and strategic, highlighting the strong coordination by the Office of the Vice-President and the leadership of the Federal Ministry of Industry, Trade and Investment.
According to Hadejia, Nigeria is increasingly assuming a leading role in shaping the digital trade agenda across the African continent. He noted that deepening engagement with AfCFTA and enabling businesses, particularly SMEs, to conduct seamless cross-border transactions will be critical to unlocking trade, fostering growth, and creating jobs.
The report identifies the Pan-African Payment and Settlement System as a critical platform for cross-border digital payments. Nigerian fintech firms such as PalmPay and Moniepoint, with large and active user bases, are expected to play a pivotal role in driving adoption.
The Federal Government's commitment to strengthening critical infrastructure, regulatory frameworks, and partnerships is a crucial step towards realising President Bola Ahmed Tinubu's Renewed Hope vision for Nigerian MSMEs. By unlocking trade opportunities for MSMEs, the government can drive growth, create jobs, and reinvigorate industries. The report's emphasis on digital trade and e-commerce highlights the need for the government to address issues of trust, identity, and logistics to ensure seamless cross-border transactions. The success of this initiative will depend on the government's ability to strengthen critical infrastructure and regulatory frameworks. The $3.5 trillion AfCFTA market presents a significant opportunity for Nigerian businesses, and it is essential that the government takes concrete steps to ensure they are equipped to tap into it.
