Nigeria Vice President Kashim Shettima has said the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol aims to increase intra-African trade from 18 percent in 2022 to 50 percent by 2030.
Shettima said Nigeria has the foundation to lead Africa’s digital commerce evolution with over 109 million internet users and a thriving mobile economy.
Represented by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole during the AfCFTA Digital Trade Workshop and Global Market in Abuja on Wednesday, Shettima highlighted Nigeria’s advancements in digital commerce, services, and innovation, which have positioned the country as Africa’s digital trade hub.
“Our innovations in mobile payments have transformed cross-border payments, financial inclusion, and digital transactions across the continent,” he stated.
“The internet economy is projected to contribute 5.2 percent of Africa’s GDP this year, with the continent’s digital economy expected to reach $180 billion, up from $115 billion in 2020,” Shettima added.
Digital trade
He also pointed out that Nigeria has modernized its passport application system and invested in port infrastructure to streamline trade procedures, reduce customs processing times, and enhance the country’s capacity to handle a significant share of West Africa’s cargo.
“Let us move rapidly from the text of the protocol to the reality of a digitally enabled trade as a catalyst for prosperity for all,” he urged.
The workshop, themed “Unlocking State Exports Potential,” brought together officials from federal and state governments, as well as private sector experts.
- This event follows the African Union’s (AU) endorsement of Nigeria as the Digital Trade Champion for the continent under the AfCFTA Digital Trade Protocol, recognized during the 38th Ordinary Session of the Assembly of Heads of State and Government in Addis Ababa, Ethiopia.
- Governor Uba Sani of Kaduna State, represented by his deputy, Dr. Hadiza Balarabe, warned that a nation failing to embrace digital trade would be left behind. He commended the Tinubu administration for significant advancements in the ICT sector.
“Digital trade platforms have eliminated traditional trade barriers, allowing businesses, both large and small, to participate in regional and global markets like never before,” he stated.
What you should know
- Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, emphasized that AfCFTA presents an opportunity to leverage Nigeria’s strengths, particularly in the creative industry.
“Our ministry is committed to positioning Nigeria’s creative sector as a cornerstone of export growth under the free trade area. The recently approved Creative Economy Development Fund is pioneering a new frontier, enabling creators to transform their intellectual property into bankable assets,” she said.
- Former President of Niger Republic and AU AfCFTA Champion Mahamadou Issoufou praised Nigeria’s leadership in organizing the Digital Economy Roundtable in January. He emphasized the event’s pivotal role in advancing the digital trade agenda.
“No organization, region, or continent has negotiated or adopted such a comprehensive legal instrument on digital trade. This positions the African continent to benefit from the digital economy for innovation and job creation,” Issoufou stated.
He also noted that young Africans are leading in digital innovation, particularly in mobile banking and other digital services.
