Economic experts have declared that Nigeria’s economic future, and by extension Africa’s transformation, depends on how effectively the country can mobilise its private sector to drive production, innovation and trade across the continent.
They made these declarations at the NEPAD Business Group Nigeria (NBGN) high-level business forum in Lagos. The forum, with the theme, ‘Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty’, drew senior policymakers, business leaders and development partners who agreed that Nigeria must rise to its historic responsibility as the continent’s economic powerhouse, capable of shaping the success of the African Continental Free Trade Area (AfCFTA).
Delivering the welcome address, the Chairman of NBGN, Bashorun J.K. Randle, emphasised that the private sector remained the “engine of Africa’s transformation” and called for a deliberate push to strengthen intra-African trade through the AfCFTA.
He stated: “The event reflects the urgency and the opportunity for us as a continent to build resilience, deepen collaboration and harness the full potential of AfCFTA for inclusive and sustainable development. AfCFTA represents one of the most ambitious undertakings in Africa’s economic history, creating a single market of over 1.4 billion people with a combined Gross Domestic Product (GDP) of more than $3.4 trillion.”
Randle anchored his message on the vision of great African leaders such as Nelson Mandela and Patrice Lumumba, reminding the audience that Africa’s destiny is closely tied to Nigeria’s success.
“Mandela once said the world will not respect Africa until Nigeria earns that respect, and Lumumba reminded us that the day Nigeria wakes up, Africa will never be the same. These truths remain relevant today,” he stated.
The chairman added that the true dividends of AfCFTA would only be realised if African nations build internal capacities that will enable them to engage competitively and sustainably in the African market and beyond.”
He urged governments to provide enabling environments, invest in infrastructure and human capital, and mobilise domestic financial resources to achieve the African Union’s Agenda 2063.
Warning that Africa must “fortify itself against global disruptions” such as Artificial Intelligence (AI) risks, trade wars and climate transitions, he stressed that “in a world where disruption is inevitable, resilience is the ultimate advantage.”
Governor Babajide Sanwo-Olu, of Lagos State, described AfCFTA as a strategic tool for reducing trade barriers, expanding markets and offering value chains.
However, he noted that its success lies in the private sector buy-in. “Government can negotiate tariffs and treaties, but businesses must produce, export, invest and believe in cross-border possibilities. That belief must persist even in the face of global uncertainty: volatile currency, supply chain shocks, regional instability,” he explained.
Represented by his Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose, the governor said “Lagos is already aligning its development agenda with the AfCFTA vision through programmes that empower Small and Medium-sized Enterprises (SMEs), promote export readiness, and strengthen access to finance.
In his remarks, the Chief Executive Officer (CEO) and National Coordinator of the African Union Development Agency-New Partnership for Africa’s Development Nigeria (AUDA-NEPAD), Jabiru Abdullahi, described AfCFTA as Africa’s strongest chance to define its own economic future, but stressed that success depends on effective collaboration between government and the private sector.
He said, “The greater certainty lies in Africa’s biggest opportunity to come together more with each other and define our own place in the global economy.”
Abdullahi said Nigeria must not only participate in AfCFTA but also lead its implementation by promoting industrial diversification, logistics efficiency, and fair trade practices.
