Nigeria Commits to $40 Billion Intra-African Trade Financing

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The largest and busiest shipping terminal in sub-Saharan Africa and the second largest container port in Africa is Durban, South Africa.
2 July 2025
Daily Trust (Abuja)
By Adebayo Gbenga

Nigeria has reaffirmed its commitment to advancing Africa's economic integration by backing a $40 billion trade financing initiative aimed at bridging the continent's $120 billion intra-African trade finance gap.

The announcement was made during the 2025 Intra-African Trade Fair (IATF) Business Roadshow held recently in Lagos.

At the event, key stakeholders highlighted Nigeria's growing role as a trade powerhouse and its strategic efforts to leverage the African Continental Free Trade Agreement (AfCFTA) to accelerate industrialization and expand regional markets.

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Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, disclosed the bank's $40 billion commitment to financing intra-African trade. "This funding will support diverse sectors including petroleum, fertilizers, logistics, fashion, and the creative economy," she said, emphasizing the importance of removing trade barriers and fostering a unified continental marketplace.

Dr. Jumoke Oduwole, Honourable Minister of Industry, Trade, and Investment (FMITI), delivered a keynote address underscoring the pivotal role of Nigerian businesses in driving Africa's economic future. "Nigeria stands at a historic crossroads where bold action and strategic collaboration can unlock unprecedented opportunities for growth across the continent," she stated. "Our government is committed to building infrastructure, facilitating seamless trade corridors, and creating policies that empower entrepreneurs to harness the full potential of AfCFTA."

Under her leadership, FMITI recently launched Nigeria's first intra-African air cargo corridor connecting Abuja and Lagos to 13 Eastern and Southern African economies. This initiative has already reduced freight rates by up to 50%, enabling faster, more affordable movement of goods such as cosmetics, agro-processed products, and fashion items.

Oduwole further highlighted the launch of a new AfCFTA market intelligence tool designed to provide exporters with vital data on tariffs, standards, and logistics, helping businesses make informed decisions and identify high-growth sectors. She also pointed to Nigeria's burgeoning creative industries, supported by platforms like CANEX and the forthcoming National Intellectual Property policy, aimed at unlocking licensing revenues and digital content exports.

The roadshow showcased Nigeria's impressive export performance, with non-oil exports rising 20.77% in 2024 and a further 24.7% growth in early 2025. Nigerian exporters traded agro-products with 39 African countries, generating $462 million in value and supporting millions of jobs in agro-processing, textiles, cosmetics, and ICT-enabled services.

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