Nigeria Launches $1 Billion AfCFTA Fund for Exporters

The Federal Government of Nigeria has unveiled a $1 billion AfCFTA Adjustment Fund aimed at boosting the country's export-led growth agenda within the African Continental Free Trade Area (AfCFTA). Jumok Oduwol, the Minister of Industry, Trade, and Investment, announced this initiative during a meeting of the AfCFTA Central Coordinating Committee in Abuja on Tuesday.

The fund is designed to enhance product competitiveness and facilitate intra-African trade, addressing obstacles that local businesses face, such as export documentation and compliance issues. Oduwol emphasized the need to strengthen Nigeria's legal and regulatory framework, particularly concerning digital trade protocols.

The AfCFTA Coordinating Office, led by Patience Okala, is working closely with fund managers to ensure eligible Nigerian companies can access this financial support. Additionally, the Nigerian Export Promotion Council, represented by Mr.

Njoku, reiterated the importance of registration for export operations, which is now fully digitized to streamline processes for businesses across the country.