Nigeria Targets MSMEs with $3.5trn AfCFTA Market Access

The Federal Government of Nigeria has launched a cross-border digital payments report to facilitate Micro, Small, and Medium Enterprises (MSMEs) access to the $3.5 trillion African Continental Free Trade Area (AfCFTA) market. The report was unveiled during a high-level meeting hosted by the Office of the Vice President, with contributions from various stakeholders, including ODI Global.

Deputy Chief of Staff to the President, Ibrahim Hadejia, emphasized the importance of strong coordination and leadership in implementing the AfCFTA. The report identifies the Pan-African Payment Settlement System as a critical platform for cross-border digital payments, with Nigerian fintech firms such as Palmpay and Moniepoint playing pivotal roles.

The initiative aligns with President Bola Tinubu's agenda to empower MSMEs and enhance Nigeria's digital trade capabilities. The report also highlights the need for a robust regulatory framework and infrastructure to support seamless cross-border transactions, which are essential for fostering growth and job creation in the sector.