Naijaonpoint.com.ng

Tinubu outlines faster borders, local-currency settlements for Africa trade success

President Bola Ahmed Tinubu has declared that Africa’s integration efforts will be judged not by lofty communiqués or diplomatic declarations, but by tangible outcomes such as faster border crossings, reliable local-currency settlements, and efficient movement of goods across ports and borders.

Speaking on Monday at the opening of the Customs Pact – Partnership for African Cooperation in Trade, Tinubu emphasized that the continent’s future hinges on practical execution, not rhetoric.

Represented by Vice President Kashim Shettima, the President stressed that fragmented markets cannot achieve industrial scale or withstand global shocks.

“Success will be judged not by communiqués but by real outcomes: shorter border-crossing times, reliable local-currency settlements and efficient movement of goods across borders and ports,” he said.

“Our vision must translate from conference halls to the daily experiences of traders, manufacturers, logistics operators and farmers.”  

He called for disciplined reforms across African nations to build border systems that match the pace of technological advancement and economic ambition.

Tinubu reaffirmed Nigeria’s commitment to building an Africa “that trades by design,” where integration is measurable and effective. He noted that while the African Continental Free Trade Area (AfCFTA) agreement marked a historic step, the real challenge lies in implementation.

“The strength of a continental market can only be engineered, not declared,” he said, outlining Nigeria’s approach through infrastructure, digital systems, and institutional coordination.

He highlighted key reforms undertaken by his administration, including the unification of the foreign exchange window, the removal of fuel subsidies to redirect resources to infrastructure, and modernisation of port operations with 24-hour clearance.

“We adopted the Pan-African Payment and Settlement System to boost intra-African trade and prioritised non-oil export growth,” Tinubu stated. These reforms, he added, form a coherent foundation for continental competitiveness.

The President detailed Nigeria’s integrated trade-enablement architecture, noting that agencies such as the Nigeria Customs Service, Nigerian Ports Authority, Central Bank, Standards Organisation, NEPC, and NEXIM Bank are now aligned in purpose. Customs has advanced digital clearance systems and risk-based inspections, while the Central Bank facilitates local-currency settlements through PAPSS.

“No single agency can deliver the scale of reform required for Africa’s prosperity,” Tinubu said.

He also announced the rollout of the National Single Window, a transformative digital platform for trade facilitation. Phase one is set to launch in March 2026, with full deployment by December 2026.

“It will allow businesses to submit import and export information once through a unified portal, automate inter-agency data sharing, and cut cargo clearance time from 21 days to under seven,” he explained. Fully aligned with AfCFTA digital frameworks, the platform is expected to position Nigeria as a continental leader in customs digitalisation.

Tinubu concluded by citing measurable progress: intra-African trade is projected to grow from 15% in 2023 to 25% by 2030, Nigeria’s non-oil exports to African markets rose 38% year-on-year in 2024, and cargo clearance times at major seaports have dropped by 30%. “These metrics validate a fundamental principle: when structural barriers fall and systems function predictably, African trade expands rapidly and dynamically,” he said.

Exit mobile version