FG Harps on Implementing Policies to Explore $3.4trn Opportunities in AfCFTA Single Market

Kayode Tokede

The federal government has said that it is working towards fast-tracking policy implementation to unlock opportunities in the $3.4 trillion single market of the African Continental Free Trade Area (AfCFTA).

Speaking at a roadshow via zoom, the Minister of Industry, Trade and Investment, Jumoke Oduwole noted that intra-African trade has been improving.

“Intra African trade exports grew by over 13per cent from last year supported by new trade corridors and the initial success of AfCFTA’s guideline initiatives. Nigerian businesses are already key participants, exporting, ceramics, garments, pharmaceuticals and agro products across the continent,” she said in a keynote address delivered to the Nigeria at Intra-African Trade Fair (IATF2025) Business Roadshow in Lagos that brought together government officials, the trade community, including businesses and investors, and executives from African Export-Import Bank (Afreximbank).

The event focused on promoting intra-African trade with the theme: “Harnessing Regional and Continental Value Chains: Accelerating Africa’s Industrialisation and Global Competitiveness through AfCFTA.”

Addressing the forum, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni noted that the IATF offers an unparalleled platform for the exchange of trade and investment information and is a marketplace of ideas, opportunities, and partnerships.

“With frameworks like AFCFTA and platforms like IATF we now have the tools to bridge the trade gap, boost Intra African trade and tremendously grow our economies in a sustainable and inclusive way. We need to build structured, sustainable and competitive value chains that can power inclusive growth both here in Nigeria and across the continent in Africa. We know that AfCFTA promises to be the largest single market in the world, connecting 1.3 billion people across 54 countries in Africa,” she said.

Building on this, Executive Vice President, Intra-African Trade and Export Development at Afreximbank, Kanayo Awani highlighted the tangible results the platform has already delivered across the continent and in Nigeria especially.

“In just three editions, IATF has achieved what once felt aspirational: over $100 billion in trade and investment deals, more than 70,000 participants, and 4,500+ exhibitors from across 130 countries. This is not a conference, it is Africa’s trade engine, designed to connect our producers, unlock demand, and operationalise the promise of the AfCFTA. And in every edition—whether in Cairo, Durban, or beyond, Nigeria has not just participated. Nigeria has led. At IATF2023 alone, Nigerian enterprises generated over $11 billion in signed deals, the highest of any country. Nigeria always shows up. Nigeria delivers,” Awani added.

IATF is a platform for boosting trade and investment in Africa.