AfCFTA: FG, Afreximbank to fast-track $10bn creative economy

The Federal Government and Afreximbank have announced that they have set mechanism in motion for Nigeria’s $10 billion creative economy through the African Continental Free Trade Area (AFCFTA), while unveiling strategies to strengthen intra-African trade, industrialization, and digital commerce in the coming years. Speaking on Monday at the inaugural AFCFTA Public, Private and Press Summit […]

The Federal Government and Afreximbank have announced that they have set mechanism in motion for Nigeria’s $10 billion creative economy through the African Continental Free Trade Area (AFCFTA), while unveiling strategies to strengthen intra-African trade, industrialization, and digital commerce in the coming years.

Speaking on Monday at the inaugural AFCFTA Public, Private and Press Summit (P3 Summit), Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, said: “Nigeria is one of five key intra-African trade hubs, and we will provide all the support required to ensure the AFCFTA works.”

He added: “Under the leadership of our new president, Dr. Elombi, we are committed to continuing the legacy of supporting industrialization, especially in the production and processing of value-added products, so that African countries can trade amongst themselves.”

He noted that the bank had already committed over $40 billion to facilitate inter-African trade and investment.

“We have been providing financial resources that will enable companies across Africa to manufacture, add value, and export products under the AfCFTA framework,” he said.

Zanamwe explained that Afreximbank had launched initiatives such as the African Sub-Sovereign Network, the Intra-African Trade Champions Initiative, and the Africa Direct Investment Initiative to support investment and trade across the continent.

He added that the bank was helping to establish export trading companies for SMEs and informal cross-border traders.

“We want to aggregate products from small farmers, women traders, and companies to take them to market efficiently,” he said.

He noted the bank’s work with the AfCFTA Secretariat in setting up a $10 billion AFCFTA Adjustment Fund for the private sector.

nds have already been disbursed to support manufacturing, value addition, and regional value chains in key sectors including automotive, agriculture, agro-processing, and pharmaceuticals,” he said.

Also speaking, Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, said: “Nigeria has ratified the AFCFTA agreement, and 48 African Union member states, representing 87 percent of the continent, have now ratified the pact. Our one African market is coming to life.”

 

 

 

She added: “Through the AFCFTA Central Coordination Committee, we have mapped digital services firms, launched export air cargo corridors, and hosted inter-African trade forums to expand market access for Nigerian businesses.”

 

 

 

She noted that Nigeria had submitted its schedule of tariff concessions and conducted the first national review of AfCFTA implementation.

 

 

 

“This review highlights frictions, challenges, and successes, and informs technical exercises by the CCC, the private sector, and the press,” she said.

 

 

 

She explained the need for diversification and value addition. “Inter-African trading requires higher levels of processed and industrial goods. We must produce and trade more value-added products to succeed in this market,” she said.

 

 

 

She added that Nigeria was scaling up services exports and aligning investment regulations with continental frameworks.

 

 

 

“Our goal is to attract and retain qualitative investment for sustainable development and to ensure Nigerian businesses can trade effectively across Africa,” she said.