AfCFTA to increase intra-African trade to 50% by 2030 – VP Shettima 

Shettima said Nigeria has the foundation to lead Africa’s digital commerce evolution with over 109 million internet users and a thriving mobile economy.

Represented by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole during the AfCFTA Digital Trade Workshop and Global Market in Abuja on Wednesday, Shettima highlighted Nigeria’s advancements in digital commerce, services, and innovation, which have positioned the country as Africa’s digital trade hub.

“Our innovations in mobile payments have transformed cross-border payments, financial inclusion, and digital transactions across the continent,” he stated.

“The internet economy is projected to contribute 5.2 percent of Africa’s GDP this year, with the continent’s digital economy expected to reach $180 billion, up from $115 billion in 2020,” Shettima added.

He also pointed out that Nigeria has modernized its passport application system and invested in port infrastructure to streamline trade procedures, reduce customs processing times, and enhance the country’s capacity to handle a significant share of West Africa’s cargo.

“Let us move rapidly from the text of the protocol to the reality of a digitally enabled trade as a catalyst for prosperity for all,” he urged.

The workshop, themed “Unlocking State Exports Potential,” brought together officials from federal and state governments, as well as private sector experts.

“Digital trade platforms have eliminated traditional trade barriers, allowing businesses, both large and small, to participate in regional and global markets like never before,” he stated.

“Our ministry is committed to positioning Nigeria’s creative sector as a cornerstone of export growth under the free trade area. The recently approved Creative Economy Development Fund is pioneering a new frontier, enabling creators to transform their intellectual property into bankable assets,” she said.

“No organization, region, or continent has negotiated or adopted such a comprehensive legal instrument on digital trade. This positions the African continent to benefit from the digital economy for innovation and job creation,” Issoufou stated.

He also noted that young Africans are leading in digital innovation, particularly in mobile banking and other digital services.