Vice-President Kashim Shettima, on Wednesday, reaffirmed Nigeria’s commitment to leading Africa’s digital trade agenda under the African Continental Free Trade Area (AfCFTA).
Shettima, represented by the Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, stated this on Wednesday at the AfCFTA Digital Trade Workshop and Global Market, in Abuja.
Freedomonline reports that the workshop, which brought together officials from the federal and state governments, and private sector experts, was themed: “Unlocking State Exports Potential.”
According to Shettima, Nigeria’s progress in digital commerce, services, and innovation, has positioned the country as the continent’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 AfCFTA Digital Trade Protocol aims to increase intra-African trade from 18 per cent in 2022 to 50 per cent by 2030.
“With over 109 million internet users and a thriving mobile economy, Nigeria has the foundation to lead Africa’s digital commerce evolution,” Shettima noted.
“The Internet economy is projected to contribute 5.2 per cent of Africa’s GDP this year, with the continent’s digital economy expected to reach $180 billion, up from 115 billion dollars in 2020.”
He noted that Nigeria had modernised its passport application system and invested in port infrastructure to streamline trade procedures, reduce customs processing times and enhancing the country’s ability to handle a major share of West Africa’s cargo.
“Let us move rapidly from the text of the protocol to the actuality of a digitally enabled trade as a catalyst for prosperity for all,” he added.
Earlier, the Minister of Youth Development, Mr Ayodele Olawande, described the workshop as a welcome development.
He recalled that in 2024, President Tinubu approved the Nigerian Youth Investment Fund to empower Nigeria’s young entrepreneurs and SMEs.
Also, Gov. Uba Sani of Kaduna State, said a nation that failed to embrace digital trade would certainly be left behind.
Sani, represented by his deputy, Dr Hadiza Balarabe, applauded the Tinubu administration for making significant strides in the ICT sector.
“Digital trade platforms have eliminated traditional trade barriers, allowing businesses, both big and small, to participate in regional and global markets like never before.
“Today, we are reminded of the immense potential that lies within the African Continental Free Trade Area in a world increasingly defined by interconnectivity.
“We must seize this moment, not merely as a challenge, but as a powerful catalyst for growth and development.
“Digital transformation stands today as the cornerstone of innovation and sustainable growth.
“With 65 per cent of our population under the age of 25, Nigeria possesses the demographic advantage to become a global digital powerhouse.“
On her part, the Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, commended the Vice-President for championing digital trade innovations.
Musawa said while Nigeria has the tools to unlock its potential in the sector, AfCFTA was an opportunity to leverage the nation’s strength, especially in the creative industry.
“As the Minister of Arts, Culture, Tourism and the Creative Economy, I believe that the creative and culture industries are not just mere expressions but are real powerful drivers of the economy.
“Our ministry is committed to positioning Nigeria’s creative sector as a cornerstone of export through growth under the free trade area.
“Through the Creative Economy Development Fund that was recently approved, we are pioneering a new frontier, enabling creators to transform their intellectual property into bankable assets.
“And I think this is a very important and formidable initiative,” the minister stated.
