Nigeria expects a 15% increase in its exports thanks to access to new markets under the African Continental Free Trade Area (AfCFTA) agreement.
According to Nigeria’s Minister of Trade and Industry, Jumoke Oduwole, AfCFTA integration is expected to boost Nigeria’s exports to approximately $79 billion, representing a 15% rise while generating 11 million new jobs.
The minister also highlighted the opportunities available in the digital economy sector within the AfCFTA framework, especially as Nigeria has been actively developing its digital economy ecosystem in recent years by establishing regulations conducive to the growth of these activities.
On this occasion, Nigeria reiterated its commitment to aligning its procedures with AfCFTA’s regulatory framework regarding e-commerce, intellectual property, and competition.
AfCFTA is the world’s largest free trade area, developed under the auspices of the African Union (AU) to facilitate the free movement of goods and services across the continent.
It has the potential to boost intra-African trade and strengthen the continent’s trade position in the global market.