President Bola Tinubu, in a show of commitment to the African Continental Free Trade Area (AfCFTA), has approved ₦250 billion readiness fund.
The Nigerian AfCFTA Coordination Office stated this on Friday in Abuja, at an event organized by the United Nations Development Programme (UNDP) Nigeria, in partnership with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).
Senior Trade Expert, Nigeria AfCFTA Coordination Office, Olusegun Olutayo, said the office was working with the Central Bank of Nigeria (CBN) and the Bank of Industries (BoI) to fashion out how the Readiness Fund could be accessed.
The Trade Law Expert said the AfCFTA Readiness Fund is a strategic investment in Nigeria’s participation in the AfCFTA, aimed at improving the country’s ease of doing business, diversifying exports, aligning the AfCFTA agreement with Nigeria’s national economic growth plan, and catalyzing economic diversification and industrial expansion.
“In principle, President Bola Tinubu has approved the AfCFTA Readiness Fund to the tune of ₦250 billion. The Fund is not available now but we are working on the modalities.
“Mr. President further said we should work with the CBN and Bank of Industry to work out the modalities for accessing the funds. But we are working to ensure that we put it in place and people will now begin to access it.
“Those that are to benefit are Nigerians; whether you are MSMEs, women, youths, farmers or a big manufacturer,” Olutayo said.
With a target market expected to reach 1.7 billion people and an aggregate GDP of $6.7 trillion by 2030, the AfCFTA offers unprecedented opportunities for African economies.
It is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight Regional Economic Communities (RECs) to create a single market for the continent.
It further aims to reduce trading problems such as different regulations from one African country to another.
Olutayo explained that there is a consensus that the Nigerian Customs Service should be the go-to authority, noting that under Bashir Adeniyi’s leadership, Customs has undergone “significant transformation”.
Olutayo disclosed that President Tinubu would gazette the country’s AfCFTA Protocol.
The event focused on strengthening the capacity of 100 women-led Micro, Small, and Medium Enterprises (MSMEs) to capitalize on the trading opportunities available under the AfCFTA.
Under the theme, ‘Empowering Women-led MSMEs for Continental Trade Opportunities’, the forum brought together policymakers, entrepreneurs, ecosystem partners, and potential investors to explore how Nigerian women can thrive in regional and continental trade.
In her remarks, the Director-General of WCCIMA, Weyinmi Eribo, said by addressing these critical challenges, the initiative empowered women-led MSMEs to navigate the complexities of cross-border trade, strengthen value chains, and enhance productivity in high-demand sectors.
“This collaboration with UNDP marks a pivotal moment in unlocking the full potential of women-led MSMEs in Nigeria. We are proud to be part of an initiative that not only builds capacity but also opens new avenues for women entrepreneurs to thrive in continental trade, driving economic growth and creating lasting change,” Eribo said.
Also, Senior Economist at UNDP, Tony Muhumuza, stated that the success of the HerAfCFTA Forum highlights the ongoing efforts of UNDP to empower women-led MSMEs across Nigeria.
“At UNDP, we are making steady strides towards empowering women-led MSMEs to unlock their full potential in cross-border trade. By equipping them with the tools, knowledge, and networks they need to navigate the complexities of AfCFTA, we are laying the foundation for greater participation in regional markets. We are optimistic that this initiative will reach even more women, helping them expand their businesses and contribute to sustainable economic growth across Nigeria and beyond,” Muhumuza said.
He stated that as part of the larger HerAfCFTA initiative, UNDP and WCCIMA would continue to equip women entrepreneurs with the tools needed to succeed in international markets, advancing both their businesses and Nigeria’s role in the continent’s economic integration.