A ₦250 billion fund for AfCFTA readiness receives approval from President Tinubu
President Bola Tinubu has shown his commitment to the African Continental Free Trade Area (AfCFTA) by approving a ₦250 billion fund to prepare for Nigeria’s participation in the trade agreement.
This was announced on Friday in Abuja by the Nigerian AfCFTA Coordination Office during an event organized by the United Nations Development Programme (UNDP) Nigeria and the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).
Olusegun Olutayo, a Senior Trade Expert at the AfCFTA Coordination Office, explained that the office is working with the Central Bank of Nigeria (CBN) and the Bank of Industry (BoI) to figure out how people can access the fund.
He highlighted that this fund is a significant investment to help Nigeria better engage with the AfCFTA, improve its business environment, diversify exports, and align the agreement with the country’s economic goals.
Olutayo stated that although the fund isn’t available yet, efforts are being made to ensure it is accessible soon, and it will be available to Nigerians, including small businesses, women, youth, farmers, and large manufacturers.
The AfCFTA offers significant opportunities for African economies, with a market of 1.7 billion people and a combined GDP of $6.7 trillion by 2030. It unites 55 African countries and eight regional groups to form a single market, aiming to reduce trade barriers and standardize regulations across the continent.
Olutayo also pointed out that the Nigerian Customs Service will play a key role in AfCFTA matters, following improvements under Bashir Adeniyi’s leadership. President Tinubu is expected to soon announce Nigeria’s formal commitment to the AfCFTA.
The event focused on helping 100 women-led small businesses take advantage of AfCFTA opportunities. Under the theme “Empowering Women-led MSMEs for Continental Trade Opportunities,” the forum gathered policymakers, business owners, and potential investors to discuss how Nigerian women can succeed in regional and international trade.
Weyinmi Eribo, Director-General of WCCIMA, emphasized that by addressing key challenges, the initiative helps women-led small businesses navigate cross-border trade, strengthen supply chains, and increase productivity in high-demand sectors. She expressed pride in the collaboration with UNDP, which is empowering women entrepreneurs to grow and succeed in continental trade.
Tony Muhumuza, Senior Economist at UNDP, shared that the success of the forum shows UNDP’s commitment to empowering women-led businesses to thrive in cross-border trade. He believes that equipping women with the right tools, knowledge, and connections will boost their participation in regional markets, benefiting their businesses and contributing to Nigeria’s economic growth. He also mentioned that, through the HerAfCFTA initiative, UNDP and WCCIMA will continue supporting women entrepreneurs as they expand into international markets.
