Nigeria Launches Report to Boost Cross-Border Payments

On Monday, the Federal Government of Nigeria launched a report titled to unlock trade opportunities for micro, small, and medium enterprises (MSMEs) in accessing the $3.5 trillion African Continental Free Trade Area (AfCFTA) market. The event, hosted by the Office of the Vice President, featured Stanlei Nkwocha, Senior Special Assistant to the President on Media, and was supported by organizations such as ODI and Global Support Invest Trade Africa.

Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia, emphasized Nigeria's leadership role in shaping the digital trade agenda across Africa. The report highlights the importance of the Pan-African Payment Settlement System in facilitating seamless digital payments and notes that Nigerian fintech companies like PalmPay and Moniepoint are pivotal in driving digital payment adoption.

Despite the potential for growth, challenges such as regulatory fragmentation and foreign exchange volatility hinder progress. The report aims to strengthen the MSME ecosystem in Nigeria, enabling access to digital trade, which is a key pillar of President Tinubu's Renewed Hope Agenda.