Nigeria's Enikanolaiye Advocates Trade Focus in Africa

At the Ministerial Roundtable on Trade and Economic Cooperation during the inaugural Africa-Alamein Business Forum in New Alamein City, Egypt, Nigeria’s Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, called for African countries to prioritize trade in their diplomatic efforts. He emphasized that Africa is central to Nigeria's foreign policy and noted significant economic improvements, including a 4.43% growth rate in Q2 2026 and a decline in inflation to 15.39% as of August.

Enikanolaiye reported that Nigeria's foreign reserves were at $54.86 billion as of September 24, 2026, and the Monetary Policy Rate was reduced to 23%. He discussed the African Continental Free Trade Area (AfCFTA) and Nigeria's validation of its implementation strategy, including tariff concessions and the ratification of the Digital Trade Protocol.

Additionally, he mentioned the establishment of a new air cargo corridor with Uganda Airlines, which reduced freight costs significantly. Enikanolaiye outlined five priority actions for enhancing trade in Africa and urged for improved Nigeria-Egypt bilateral trade relations.