The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth strategy under the African Continental Free Trade Area (AfCFTA), unveiling opportunities for businesses to access a $1 billion AfCFTA Adjustment Fund Credit Facility.
The initiative is designed to enhance production capacity, improve competitiveness, and expand intra-African trade opportunities for Nigerian businesses.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second-quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Augustina Okechi, the facility represents a significant opportunity for local businesses seeking to scale operations and modernise production systems.
“The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade,” the statement read.
Oduwole said the funding mechanism would support businesses looking to expand their footprint across African markets, while also strengthening Nigeria’s participation in the continental trade framework.
She noted that despite ongoing progress in implementing the AfCFTA agreement, Nigerian businesses still face structural and operational challenges that limit their full participation in the single African market.
According to her, the credit facility is expected to help address financing gaps, improve industrial capacity, and enhance the ability of local firms to compete across the continent.
The minister added that the government remains focused on removing bottlenecks that hinder trade expansion and on positioning Nigeria as a key player in Africa’s integrated market system.
She stressed that strengthening export capacity is central to Nigeria’s broader economic diversification agenda, particularly in reducing reliance on oil revenues.
Officials say the AfCFTA Adjustment Fund will play a crucial role in supporting businesses during the transition to a more open and competitive continental trade environment.
The Federal Government reiterated its commitment to working with private sector stakeholders to ensure effective utilisation of the facility and maximise its developmental impact.
