Nigeria Advocates for $180bn Digital Trade Growth

At the second edition of the AfCFTA Digital Trade Forum held in Lagos, Jumoke Oduwolu, Nigeria's Minister of Industry, Trade and Investment, highlighted the significant potential of Africa's digital economy, valued at $180 billion, which represents 5.2% of the continent's GDP. Oduwolu urged African countries to accelerate digital trade and implement the AfCFTA protocol to enhance intra-African trade and investment.

She noted that only five percent of Africa's digital delivery services trade occurs within the continent, indicating a vast untapped opportunity. Oduwolu, who is a co-champion of the AfCFTA protocol on digital trade, stressed the importance of creating conditions for businesses to expand across borders and compete globally.

She mentioned Nigeria's efforts to reform its digital business ecosystem, including the establishment of Africa's first directory of digital service firms. Wamkele Mene, the Secretary General of the AfCFTA Secretariat, supported these views, stating that digital trade could significantly benefit African entrepreneurs and boost job creation.