Nigeria is poised to leverage its leadership in digital trade to unlock up to $79 billion in export opportunities through the African Continental Free Trade Area (AfCFTA). This was highlighted on Thursday during a high-level roundtable in Abuja, where Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, engaged with AfCFTA Secretariat Secretary General, Wamkele Mene, on the nation’s progress and future plans under the trade framework.
Dr. Oduwole emphasized Nigeria’s strides in aligning its trade policies with AfCFTA protocols, particularly in digital trade, intellectual property, and competition policy. According to her, Nigeria’s efforts in the digital space have positioned the country as a leader in the emerging digital economy within Africa.
“Nigeria is a leader in digital trade within AfCFTA, (having achieved) the launch of the Technology Export and Digital Trade Desk developed a digital economy and e-governance bill to address electronic communications and signatures and ran initiatives like the National Talent Export Programme and Outsource to Nigeria Initiative.
She also mentioned the government digital tech and creative entrepreneurship programme, known as the ‘Investment in Digital and Creative Enterprises’ and the ‘3 Million Tech Talent Programme,’ and more as efforts to close knowledge gaps in the digital ecosystem,” Oduwole stated.
The digital economy’s impact is already evident. The ICT sector contributed 20 per cent to GDP as of Q2 2024, e-commerce spending is projected to hit $75 billion by 2025, and digital trade revenue is expected to rise from $5.09 billion in 2019 to $18.3 billion by 2026.
Nigeria’s involvement in the AfCFTA extends beyond digital trade. Dr. Oduwole highlighted the submission of the country’s Schedule of Tariffs and Services, alongside enhanced private sector collaboration to foster readiness for intra-African trade. These efforts are anticipated to contribute to a 15-17 per cent GDP growth, create 11 million jobs, and expand export capacity by at least 15 per cent.
The minister also spotlighted initiatives such as the Investment in Digital and Creative Enterprises (iDICE) and the 3 Million Tech Talent Programme, aimed at bridging skills gaps in the digital ecosystem and empowering the youth and women to participate actively in regional trade.
Dr. Oduwole called for deeper partnerships with stakeholders, including the AfCFTA Secretariat and Afreximbank, to drive industrialization and trade facilitation. She underscored the launch of the $1 billion Automobile Industry Facility Fund as a key step in supporting local industries and enhancing Nigeria’s manufacturing capabilities.
She also noted that Nigeria’s success under AfCFTA hinges on addressing trade barriers, investing in infrastructure, and boosting the competitiveness of our SMEs. She also urged private sector leaders and policymakers to work collectively to create an inclusive environment for sustainable trade growth.
Recognizing the leadership of the AfCFTA Secretariat under Wamkele Mene, Dr. Oduwole praised the Secretariat’s work in advancing critical protocols, particularly on digital trade. She reiterated Nigeria’s commitment to the successful implementation of the AfCFTA framework and its vision of becoming a regional leader in trade, innovation, and industrialization.