FG targets MSMEs’ access to $3.5trn AfCFTA market, launches cross-border payments report
…Seeks seamless digital trade, identity systems to boost SMEs’ competitiveness …As Hadejia highlights fintechs, infrastructure as key drivers of continental trade The Federal Government on Monday unveiled a new strategy
...Seeks seamless digital trade, identity systems to boost SMEs’ competitiveness
...As Hadejia highlights fintechs, infrastructure as key drivers of continental trade
The Federal Government on Monday unveiled a new strategy to position Nigerian businesses, particularly Micro, Small and Medium Enterprises (MSMEs), to tap into the $3.5 trillion African Continental Free Trade Area (AfCFTA) market, with the launch of a landmark report on cross-border digital payments and identity systems.
The report, titled “Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA,” was unveiled in Abuja by the Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia, at a high-level event hosted by the Office of the Vice President in collaboration with ODI Global under the Supporting Investment and Trade in Africa (SITA) programme.
Hadejia described the report as timely and strategic, underscoring Nigeria’s growing leadership role in shaping Africa’s digital trade agenda. He said the initiative builds on earlier milestones, including the country’s Digital Trade Strategy and capacity-building programmes for subnational governments.
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According to him, unlocking the full potential of AfCFTA will depend largely on empowering small businesses to participate in seamless cross-border trade through efficient payment systems and trusted digital identity frameworks.
According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Hadejia noted that, “deepening engagement with AfCFTA and enabling businesses, particularly SMEs, to conduct seamless cross-border transactions will be critical to unlocking trade, fostering growth, and creating jobs.”
The Deputy Chief of Staff emphasised that the success of the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises economic expansion through digital innovation and inclusive growth.
Hadejia identified the Pan-African Payment and Settlement System as a critical platform for enabling cross-border transactions, adding that Nigerian fintech firms such as PalmPay and Moniepoint would play pivotal roles in driving adoption, given their large and active user bases.
He assured stakeholders of the Federal Government’s commitment to strengthening infrastructure, improving regulatory frameworks, and fostering partnerships to ensure Nigeria remains at the forefront of digital trade on the continent.
“I appreciate the efforts of all stakeholders and urge us to move AfCFTA beyond a continental agreement to a $3.5 trillion trade juggernaut that will reinvigorate our industries, unlock intra-African trade, and domesticate African prosperity,” he added.
Hadejia further stressed that intra-African trade would not be driven solely by large corporations but by small businesses empowered through digital platforms, noting that challenges related to trust, identity, and logistics must be addressed.
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In his remarks, the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, said the report would significantly strengthen Nigeria’s MSME ecosystem.
He explained that cross-border payments in Nigeria and across Africa have historically been informal and inefficient but noted that the introduction of systems such as the Bank Verification Number (BVN) and National Identification Number (NIN) is transforming the landscape.
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Adekunle-Johnson expressed optimism that the report’s recommendations would enable Nigerian SMEs to access continental markets more seamlessly.
Also speaking, the Special Assistant to the President on ICT Policy, Salihu Dasuki, disclosed that the Office of the Vice President, in collaboration with development partners, has developed a framework to accelerate seamless cross-border payments for MSMEs.
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He said the initiative aligns with a key pillar of the Renewed Hope Agenda, which focuses on expanding Nigerians’ access to digital trade opportunities, noting that capacity-building programmes had already been conducted for subnational governments.
On her part, the Special Assistant to the President on Project Support, Shuda Ahmed, commended ODI Global for leading the research underpinning the report.
She warned that without efficient and affordable cross-border payment systems, MSMEs across Africa would struggle to scale beyond domestic markets.
The event drew participation from key stakeholders, including representatives of the AfCFTA Secretariat, the National Information Technology Development Agency (NITDA), National Identity Management Commission (NIMC), Nigerian Petroleum Development Company (NPDC), and Federal Competition and Consumer Protection Commission (FCCPC), alongside MSME operators and development partners.
