LAGOS, Nigeria— Nigeria’s ongoing economic reforms are positioning the country to take a leading role in Africa’s fast-growing digital trade space, as policymakers link improved macroeconomic stability to rising investor confidence and cross-border commerce opportunities under the AfCFTA.
The outlook was outlined at the 2nd AfCFTA Digital Trade Forum in Lagos by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole. The details were contained in a statement signed by Obilor-Duru Augustina Okechi, Head of Press and Public Relations, Federal Ministry of Industry, Trade and Investment (FMITI).
Oduwole said reforms under the Tinubu administration—including exchange rate adjustments, tax reforms and the Investment and Securities Act 2025—are strengthening Nigeria’s investment climate and enabling digital businesses to scale across African markets.
“These reforms are creating a more predictable and competitive environment for investors and innovators,” she said, adding that capital importation exceeded $20 billion in 2025, reflecting renewed confidence in the economy.
The minister noted that Nigeria’s digital economy strategy is closely aligned with the AfCFTA Digital Trade Protocol, with the country emerging as a co-champion alongside Kenya and South Africa and the first to secure parliamentary approval for the agreement.
She explained that reforms targeting intellectual property protection and regulatory clarity are critical to supporting startups, fintech firms and digital service providers seeking to expand beyond national borders.
Despite these gains, Oduwole acknowledged that intra-African digital trade remains underdeveloped, with only about five per cent of digitally delivered services traded within the continent.
“Unlocking this potential will require sustained reforms, stronger digital infrastructure and seamless payment systems,” she said.
Stakeholders at the forum also pointed to persistent bottlenecks in cross-border payments, noting that reliance on foreign correspondent banks continues to increase transaction costs and delays for African businesses.
The forum brought together government officials, private sector leaders and development partners to assess how economic reforms across member states can accelerate implementation of the AfCFTA Digital Trade Protocol and drive inclusive growth.
