Nigeria Targets MSMEs for $3.5 Trillion AfCFTA Market

The Federal Government of Nigeria is targeting improved access for Micro, Small, and Medium Enterprises (MSMEs) to the $3.5 trillion African Continental Free Trade Area (AfCFTA) market. This initiative was launched during a high-level report presentation hosted by Vice President's office, with contributions from Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President.

The report emphasizes the need for a strong coordination under the Vice President's leadership and highlights the importance of cross-border digital payment systems. It identifies the Pan-African Payment and Settlement System as a critical platform for facilitating these payments.

The report also notes that Nigerian fintech firms like PalmPay and Moniepoint have significant user bases that can drive adoption. The Federal Government is committed to strengthening the regulatory framework and infrastructure to support this initiative, which is part of President Bola Ahmed Tinubu's Renewed Hope agenda.

The report underscores that seamless cross-border payments are essential for MSMEs to scale beyond domestic markets and contribute to intra-African trade.