At WTO, Nigeria seeks support for digital trade expansion under AfCFTA
• Discusses €1.3b trade investments with EU
• Economy achieving stability, minister enthuses
The Federal Government has reaffirmed its commitment to accelerating digital trade under the African Continental Free Trade Area (AfCFTA), urging global partners to support its efforts in expanding market access and economic growth.
This was as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, discussed €1.3 billion trade investments with the European Union (EU) Ambassador to Nigeria, Gautier Mignot, in Abuja. Edun said Nigeria’s economy achieved relative stability over the past 18 to 20 months.
Speaking, yesterday, at the World Trade Organisation (WTO) Aid-for-Trade Session in Geneva, Switzerland, Special Assistant to the President on Export Expansion, Aliyu Sheriff, said Nigeria “is well positioned” as a regional digital trade hub.
“Nigeria recognises digital trade as a critical driver of economic diversification. Our goal is to position the country as a regional hub for digital services, streamline trade processes, and expand market access for Nigerian businesses. With the right policies and infrastructure, Africa can unlock the full potential of its $4.3 trillion market under AfCFTA,” he said.
Sheriff explained that, in collaboration with the Federal Ministry of Industry, Trade and Investment, and the Overseas Development Institute (ODI UK), Nigeria launched a series of high-impact workshops to streamline trade processes, enhance state-level exports and leverage digital identity and payment systems for cross-border commerce.
“The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has played a key role in advancing Nigeria’s digital trade agenda. She recently led discussions with the AfCFTA Secretary-General on enhancing regional trade integration and digital payment systems. Her leadership has been instrumental in aligning Nigeria’s trade policies with AfCFTA’s digital transformation goals,” he explained.
Sheriff called on the WTO, development partners, and private sector stakeholders to invest in broadband infrastructure, support MSME capacity-building and facilitate seamless cross-border digital payments.
“Nigeria is not just participating in Africa’s digital trade transformation; we are leading it. We invite global partners to collaborate with us in unlocking Africa’s digital economy,” he said.
A STATEMENT by the Finance Ministry on X noted that Mignot underscored EU’s position as Nigeria’s largest trading partner and a major source of Foreign Direct Investment (FDI). He proposed a formal trade and investment dialogue framework to unlock further opportunities through enhanced collaboration, particularly in infrastructure, green finance and sustainable development.
The meeting spotlighted EU’s €1.3 billion investment portfolio in Nigeria, recent engagement by the European Bank for Reconstruction and Development (EBRD) and the Global Gateway Investment Strategy aimed at deepening Africa-Europe economic ties.The minister welcomed the initiative, reaffirming Nigeria’s commitment to macroeconomic stability, investor-friendly reforms and digital transformation.
He emphasised ongoing reforms to improve the ease of doing business, projected a Gross Domestic Product (GDP) growth of 4.6 per cent by 2025, and rising trade surplus as key indicators of Nigeria’s economic progress.
The discussions also highlighted strategic projects such as the Trans-Saharan Gas Pipeline and the National Single Window trade system, further aligning with Nigeria’s fiscal consolidation and infrastructure modernisation agenda. Both parties expressed optimism about future engagements and reaffirmed their commitment to deepening a robust, mutually beneficial economic partnership.
Edun, during a Zoom meeting in Abuja, yesterday, said the economy narrowly avoided collapse, having survived on illegally borrowed Central Bank funds far beyond regulatory limits.
“Where we are now is that, in the last quarter of 2024, the economy grew at roughly 3.84 per cent, which is close to the yearly target of 3.4 per cent.
“Looking at the metrics, inflation has started to slow down. It dropped by 1.3 percentage points between January and February, and food inflation is also declining. Additionally, the cost of petroleum and energy is down due to sectoral dynamics,” he said.
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