June 10 (THEWILL) — The Federal Government has unveiled opportunities for Nigerian businesses to access a $1bn African Continental Free Trade Area (AfCFTA) Adjustment Fund Credit Facility, as part of efforts to strengthen exports, improve competitiveness and expand trade across Africa.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this on Tuesday at the second-quarter 2026 meeting of the AfCFTA Central Coordination Committee in Abuja.
According to Oduwole, the financing facility will support businesses seeking to expand operations, modernise production processes and increase exports to African markets under the AfCFTA framework.
She noted that despite progress in implementing the continental trade agreement, many Nigerian businesses still face challenges related to export documentation, certification, standards compliance and market access.
To address these constraints, the government is strengthening trade facilitation measures, simplifying AfCFTA guidance tools and deepening collaboration with agencies such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole also stressed the importance of domesticating key AfCFTA protocols, including the Digital Trade Protocol, to position Nigeria as a major player in Africa’s growing digital economy.
Providing details of the initiative, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Patience Okala, said the $1bn credit facility targets large African businesses with a minimum financing requirement of $10m.
She disclosed that the office is working with fund managers to facilitate access for eligible Nigerian companies and has begun assembling a pilot group of beneficiaries.
Okala added that recent AfCFTA sensitisation programmes in Kano attracted more than 470 businesses, including women-led enterprises. She also highlighted the launch of the AfCFTA ABC Series, designed to equip businesses with practical export knowledge.
The AfCFTA, which commenced trading in January 2021, covers 54 African countries, creating a single market of more than 1.4 billion people with a combined Gross Domestic Product exceeding $3tn, making it the world’s largest free trade area by participating countries.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
