… We will provide all supports that make AfCFTA work – Afreximbank.
Jumoke Oduwole, Minister of Industry, Trade and Investment, has said that with the African Continental Free Trade Agreement (AfCFTA), our “One African Market” is coming to life.
Oduwole disclosed this on Monday at the ongoing AfCFTA P3 (Public, Private and Press) Summit in Abuja.
The two-day summit, themed AfCFTA Simplified: P3 Winning Together, is organised by the Federal Ministry of Industry, Trade and Investment in partnership with Afreximbank.
“This Summit is designed to enable a deeper understanding of the AfCFTA framework and to mobilise the whole of the economy effort
toward achieving Item 7 of Mr President’s Renewed Hope Agenda,” said Jumoke Oduwole, Minister of Industry, Trade and Investment.
Her view comes on the heels of the African Export-Import Bank (Afreximbank) restating its commitment to provide all the necessary support that will make AfCFTA work.
“Our One African Market is coming to life,” Oduwole said, adding that “The key argument for the AfCFTA is simply that Africa retains more value when she trades with herself. By implication, our economic ambitions are inseparable from our participation in the AfCFTA market.”
She further noted that this year began with global headwinds from tariff tensions to shifting economic dynamics, adding that in this uncertain climate, “Nigeria has recorded deeper levels of economic diversification, stronger industrial capacity, and unprecedented opportunities for our
businesses across the continent”.
“As we move towards the end of this year, this Summit is our platform to align our vision. We must ensure that our collective efforts, going forward, are intentional and coordinated towards achieving our economic agenda,” Oduwole added.
Throughout 2025, the Federal Minister of Industry, Trade and Investment has worked relentlessly to ensure Nigeria delivers on her responsibility and maximises the opportunity in the AfCFTA.
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The AfCFTA Agreement came into force in May 2019 with ratification by 22 African Union member States. Nigeria ratified the AfCFTA Agreement in 2020. Today, 48 African Union member States, or 87 percent of all African countries, have ratified this Agreement.
“Nigeria is Africa’s champion of trade-led regional integration. Many of the anchor continental instruments were conceived and born here. These include the Lagos Plan of Action 1980 and the Treaty Establishing the African Economic Community 1991, also known as the Abuja Treaty. It was also here in Abuja that the negotiations for the AfCFTA Agreement were concluded in 2017.
“The Federal Ministry of Industry, Trade and Investment and the AfCFTA Central Coordination Committee, under my leadership, will continue to place Nigeria as a successful and dynamic leading player in the AfCFTA market,” Oduwole further said.
She noted that the African Continental Free Trade Area represents one of the most ambitious economic integration efforts in the world: It is the largest free trade area in the world by number of participating countries – with a combined GDP of approximately $3.4 trillion; it is a lively market of 1.4 billion people, the majority of whom are young; an economic arrangement that ensures African producers, investors, traders and workers can profitably convert opportunity to prosperity”.
Meanwhile, Gainmore Zanamwe, Director, Trade Facilitation & Investment Promotion, Afreximbank, noted that Afreximbank is a key partner and supporter of the African Continental Free Trade Area (AfCFTA), providing financing, managing initiatives like the Pan-African Payment and Settlement System (PAPSS), and establishing the AfCFTA Adjustment Fund.
The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa.
The bank collaborates with the AfCFTA Secretariat to implement the agreement, boost intra-African trade, and help countries adapt to its new trade landscape.
On the AfCFTA Adjustment Fund, Zanamwe noted that disbursement has started. Afreximbank manages the Adjustment Fund, which is a $10 billion facility to support countries in effectively participating in the AfCFTA.
“From a practical point of view, we do not just show commitment but also make financial contributions. We are created to ensure that Africa’s trade supports growth. We will be doing more of the provision of financial resources. We are hopeful that much progress has been made,” Zanamwe added.
At the end of December 2024, Afreximbank’s total assets and contingencies stood at over $40.1 billion, and its shareholder funds amounted to $7.2 billion.