Minister of Trade and Investment, Dr Jumoke Oduwole, has reaffirmed Nigeria’s commitment to unlocking the full potential of intra-African trade under the African Continental Free Trade Area (AfCFTA), calling on businesses to integrate regional market access into their growth strategies.
Speaking virtually at the Nigeria Intra-African 2025 Business Roadshow in Lagos yesterday, Oduwole commended the Africa Export-Import Bank (Afreximbank), the African Union Commission, and the AfCFTA Secretariat for creating a world-class platform for African trade, investment, and creative engagement.
She disclosed that intra-African exports grew by over 13 per cent last year, with Nigeria emerging as West Africa’s largest intra-African trading country.
According to her, trade volumes surged to approximately $18.4 billion in 2024 from $8.1 billion in 2023, with Nigerian businesses actively exporting ceramics, garments, pharmaceuticals, and agro-products across the continent.
Oduwole attributed the growth to forward-thinking initiatives from the Federal Ministry of Industry, Trade and Investment (FMITI) and its agencies, especially the Nigerian Export Promotion Council (NEPC).
According to her, one of such initiatives was the newly launched African Air Cargo Corridor in partnership with UNDP and Uganda Airlines, which links Lagos and Abuja to 13 East and Southern African economies, cutting freight costs by up to 50 per cent and accelerating delivery of goods such as cosmetics, agro-products, and fashion items.
Also speaking at the event, the Executive Vice President of Intra-African Trade and Export Development at Afreximbank, Mrs Kanayo Awani, expressed deep pride in Nigeria’s role in Africa’s trade landscape.
She acknowledged that Africa was facing overlapping crises, from the lingering effects of COVID-19 to climate shocks, food and energy insecurity, global supply chain disruptions and mounting debt vulnerabilities.
According to her, these have been exacerbated by protectionist tendencies and escalating conflicts.
However, she said the challenges had exposed the fragility of Africa’s external dependencies and reinforced a truth that Africa can no longer afford to look outward first.
Awani emphasised the need for Africa to urgently turn inward, deepen integration, and build resilient regional value chains. “Intra-African trade is no longer a developmental aspiration, it is a survival imperative.”
Executive Director and Chief Executive Officer of Nigeria Export Promotion Council (NEPC), Ms Nonye Ayeni, said the IATF platform had become instrumental in fostering collaboration, blocking linkages, unlocking financing, and deepening market access across Africa.
According to her, the 2025 theme: Harnessing Regional and Continental Value Chains, Accelerating Africa’s Industrialisation and Global Competitiveness’ is a timely call to dismantle fragmented trade structures and build sustainable, competitive value chains that deliver inclusive growth.”
She lamented that intra-African trade remains under 15 per cent of total trade volume, a figure dwarfed by intra-regional trade in Europe and Asia.
