FG Launches $1bn AfCFTA Fund to Boost Exports
The Federal Government has launched a $1bn AfCFTA Adjustment Fund Credit Facility to help Nigerian businesses expand production, modernise operations, and boost exports under the African Continental Free Trade Area (AfCFTA).
Minister of Industry, Trade and Investment Jumoke Oduwole announced the initiative at the AfCFTA Central Coordination Committee meeting in Abuja, describing it as a major opportunity to strengthen Nigeria’s competitiveness in the continental market.
She noted that while Nigeria has made progress in implementing AfCFTA, many businesses still face challenges with documentation, certification, standards compliance, and market access.
The government is addressing these through simplified guidance tools, trade facilitation measures, and collaboration with Customs and the Export Promotion Council.
Oduwole also stressed the importance of domesticating AfCFTA protocols, especially the Digital Trade Protocol, to position Nigeria as a leader in Africa’s emerging digital economy.
National AfCFTA Coordinator Patience Okala highlighted recent sensitisation programmes in Kano that attracted 470 businesses, including many women-led enterprises.
She said the new AfCFTA ABC Series is equipping firms with practical knowledge on export procedures.
Okala explained that the $1bn facility targets large African businesses with financing capacity of at least $10m, and Nigeria is assembling a pilot group of companies to maximise access.
A Deputy Director at the Nigerian Export Promotion Council, Mr Njoku, added that exporters must register with the council to qualify for incentives such as the Export Expansion Grant.
He confirmed that registration has been fully digitised, with certificates valid for two years.
Stakeholders at the meeting reaffirmed commitments to expand opportunities for women and youth entrepreneurs, strengthen inter-agency cooperation, and deepen Nigeria’s role in regional value chains, with the goal of diversifying exports and reducing dependence on oil.