President Tinubu Approves ₦250 Billion AfCFTA Readiness Fund

President Bola Tinubu approved a ₦250 billion preparation fund to demonstrate his commitment to the African Continental Free Trade Area (AfCFTA).

The Nigerian AfCFTA Coordination Office revealed this on Friday in Abuja at an event hosted by the United Nations Development Programme (UNDP) Nigeria in collaboration with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).

Senior Trade Expert, Nigeria AfCFTA Coordination Office, Olusegun Olutayo, stated that the office was collaborating with the Central Bank of Nigeria (CBN) and the Bank of Industries (BoI) to determine how the Readiness Fund could be accessed.

The Trade Law Expert said the AfCFTA Readiness Fund is a strategic investment in Nigeria’s participation in the AfCFTA, aimed at improving the country’s ease of doing business, diversifying exports, aligning the AfCFTA agreement with Nigeria’s national economic growth plan, and catalyzing economic diversification and industrial expansion.

“In principle, President Bola Tinubu has approved the AfCFTA Readiness Fund to the tune of ₦250 billion. The Fund is not available now but we are working on the modalities.

“Mr. President further said we should work with the CBN and Bank of Industry to work out the modalities for accessing the funds. But we are working to ensure that we put it in place and people will now begin to access it.

“Those that are to benefit are Nigerians; whether you are MSMEs, women, youths, farmers or a big manufacturer,” Olutayo said.

With a target market of 1.7 billion people and a combined GDP of $6.7 trillion by 2030, the AfCFTA provides unparalleled prospects for African nations.

It is the world’s largest free trade area, bringing together the 55 African Union (AU) member countries and eight Regional Economic Communities (RECs) to form a single market for the continent.

It also intends to minimize trade barriers, such as differences in rules across African countries.

Olutayo explained that there is a consensus that the Nigerian Customs Service should be the go-to authority, noting that under Bashir Adeniyi’s leadership, Customs has undergone “significant transformation”.

Olutayo disclosed that President Tinubu would gazette the country’s AfCFTA Protocol.

The event focused on strengthening the capacity of 100 women-led Micro, Small, and Medium Enterprises (MSMEs) to capitalize on the trading opportunities available under the AfCFTA.

Under the theme, ‘Empowering Women-led MSMEs for Continental Trade Opportunities’, the forum brought together policymakers, entrepreneurs, ecosystem partners, and potential investors to explore how Nigerian women can thrive in regional and continental trade.

In her remarks, WCCIMA Director-General Weyinmi Eribo stated that by tackling these important problems, the program enables women-led MSMEs to manage the difficulties of cross-border commerce, build value chains, and increase productivity in high-demand sectors.

“This collaboration with UNDP is a watershed moment in unlocking the full potential of Nigeria’s women-led MSMEs. We are delighted to be a part of a program that not only increases capacity but also creates new opportunities for women entrepreneurs to prosper in continental commerce, thereby driving economic growth and promoting long-term change,” Eribo stated.

Tony Muhumuza, Senior Economist at UNDP, remarked that the success of the HerAfCFTA Forum underlines UNDP’s continued efforts to strengthen women-led MSMEs in Nigeria.