Nigeria to renegotiate unfavourable trade deals, boost MSME growth under AfCFTA
BY MOTOLANI OSENI
Nigeria is set to overhaul its trade agreements, renegotiating those that hinder economic growth, particularly in the wake of the African Continental Free Trade Agreement (AfCFTA).
The government aims to ensure trade policies are favourable, avoiding scenarios where Nigeria becomes a dumping ground for foreign goods, which could undermine local industries.
At a recent Editors Roundtable in Lagos, Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, revealed plans to review and amend previous global and continental trade agreements, especially those with the World Trade Organisation (WTO).
She highlighted that Nigeria had fully opened its markets to foreign investors, which had led to concerns about domestic manufacturers facing increased competition.
The AfCFTA, however, is seen as a major opportunity for Nigeria, with expectations that it will foster easier access to regional markets and bolster Nigeria’s position as a global trade player. Dr. Oduwole stressed the importance of leveraging the country’s digital strengths within the agreement to promote cross-border trade.
READ ALSO: Fifth Columnists Using Phantom NiMet Unions To Wage Ethnic War Against NiMet DG/CEO Anosike
In tandem, Nigeria has seen an impressive surge in the number of Micro, Small, and Medium Enterprises (MSMEs), with 248,454 new businesses registered in the first quarter of 2025, bringing the total to 263,454. This significant increase highlights the country’s drive to enhance trade participation and ensure businesses are creditworthy and positioned to benefit from AfCFTA.
Nigeria’s non-oil exports also rose by 24.6%, reaching $7.46 billion, while Special Economic Zones exported over $10 million in Q4 2024. The country continues to strengthen trade relations, notably with five key nations, and is advancing AfCFTA digital trade initiatives. Dr. Oduwole confirmed that NEXIM negotiations for credit lines from Afrexim Bank are set to conclude by Q2 2025.
With a modernised regulatory framework and ongoing reviews of Bilateral Investment Treaties, Nigeria aims to become a key hub for regional trade, tapping into a $3.4 trillion African market of 1.4 billion people.
