Nigeria has reaffirmed its leadership in advancing Africa’s digital economy, with the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, declaring that digital trade will be a key driver of continental integration, inclusive growth and economic transformation under the African Continental Free Trade Area (AfCFTA).
Delivering the keynote address on behalf of President Bola Ahmed Tinubu, GCFR, at the 2nd AfCFTA Digital Trade Forum held at the National Theatre, recently in Lagos.
Dr. Oduwole welcomed AFCFTA Ministers of Trade, Policymakers, Business leaders and Development Partners from across Africa, describing the forum as a critical platform for translating the AfCFTA Digital Trade Protocol into practical opportunities for businesses across the continent.
Speaking on the theme, “Digital Trade for a Connected African Market,” the Minister noted that while the AfCFTA has created a market of over 1.4 billion people with a combined GDP exceeding US 20 billion in 2025.
She also highlighted reforms that directly support digital businesses, including the Tax Reform Acts, the Investment and Securities Act 2025 and strengthened intellectual property protections designed to encourage innovation and investment.
She disclosed that the Federal Ministry of Industry, Trade and Investment had undertaken Africa’s first comprehensive mapping of Nigeria’s digital services ecosystem, resulting in the continent’s first directory of digital services firms and the identification of priority expansion markets including Egypt, Ghana, Kenya, Rwanda and South Africa.
According to the Minister, Nigeria is also leading efforts to reduce regulatory barriers through the Digital Trade Regulators’ Working Group, which is developing Guidelines on Market Entry and Investment for African Digital Service Firms to simplify licensing requirements, improve transparency and lower the cost of expanding across African markets.
Dr. Oduwole observed that although only five per cent of Africa’s digitally delivered services are currently traded within the continent, the figure represents an enormous opportunity for businesses, investors and governments to deepen intra-African trade through harmonised regulations, digital infrastructure and cross-border payment systems.
Also speaking at the opening ceremony, the Secretary-General of the AfCFTA Secretariat, H.E. Wamkele Mene, commended Nigeria for hosting the second edition of the Digital Trade Forum and for its leadership in driving implementation of the Digital Trade Protocol.
He described the forum as the continent’s foremost platform for promoting awareness, collaboration and practical implementation of digital trade.
Mene said Africa’s digital economy, currently valued at approximately US
712 billion by 2050, driven by expanding mobile connectivity, fintech innovation, artificial intelligence and a youthful population.
He called for accelerated ratification and domestication of the Digital Trade Protocol while urging governments to strengthen digital infrastructure, harmonise regulations, promote digital inclusion and support women, youth and MSMEs to participate fully in cross-border digital commerce.
Welcoming delegates to Lagos, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose-Medebem, described Lagos as Africa’s commercial and innovation hub, affirming the state’s readiness to partner with governments, businesses and investors to build a seamless continental digital marketplace.
She noted that digital trade presents unprecedented opportunities for entrepreneurs across Africa to reach new markets and create shared prosperity.
Delivering a private sector perspective, Co-Founder and Chief Executive Officer of Duplo, Yele Oyekola, called for greater collaboration between governments and businesses to transform the AfCFTA from a policy framework into an operational reality.
He argued that the next phase of the agreement would be determined not by negotiations but by whether African businesses can seamlessly pay, trade, comply and scale across borders.
Using the example of a Lagos business paying a supplier in Nairobi, Oyekola noted that many transactions still pass through correspondent banks outside Africa, increasing costs and delays.
He urged governments to harmonise regulatory standards and support interoperable digital infrastructure, while encouraging the private sector to build the financial and technological systems needed to enable frictionless cross-border commerce.
He described platforms such as the Pan-African Payment and Settlement System (PAPSS) as important foundations but stressed that businesses also require integrated solutions for invoicing, compliance, reconciliation and payments to unlock the full benefits of continental trade.
The two-day forum brought together government officials, private sector leaders, development partners, regulators and innovators to deepen collaboration on implementing the AfCFTA Digital Trade Protocol and unlocking new opportunities for African businesses in the digital economy.
Obilor -Duru Augustina Okechi
Head Press and PR
FMITI
