AFC Supports Nigeria's Trade Expansion to East Africa

The African Finance Corporation (AFC), represented by Samaila Zubairu, has endorsed Nigeria's expanded trade routes to East and Southern Africa, describing this initiative as a major step towards implementing the African Continental Free Trade Area (AfCFTA). Zubairu emphasized the importance of businesses leveraging financial opportunities available through commercial banks across the continent to take advantage of the new trade corridors.

The Nigerian government, through the Federal Ministry of Industry, Trade and Investment, recently launched the expanded Nigeria-East Africa air cargo corridor in partnership with RwandAir. This initiative aims to open new export routes to Kigali, Lusaka, Harare, Nairobi, and Johannesburg, significantly reducing cargo rates from 3-10 per kilogram to less than 2 per kilogram.

Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, noted that the corridor has already achieved a 40% increase in export volume within its first year.

The initiative supports various sectors, including agriculture, textiles, and light manufacturing, contributing to Nigeria's industrialization and export diversification agenda.