FG launches report to unlock $3.5tn AfCFTA market for MSMEs

The federal government on Monday launched the “Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA” report, urging stakeholders to unlock trade opportunities for micro, small and medium enterprises (MSMEs) to access the $3.5 trillion African Continental Free Trade Area (AfCFTA) market.

​The high-level report, hosted by the Office of the Vice President in collaboration with ODI Global under the Supporting Investment and Trade in Africa (SITA) programme, was unveiled by Ibrahim Hadejia, deputy chief of staff to the president, in Abuja.

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​Strategic coordination for digital trade

​Stanley Nkwocha, senior special assistant to the president on media and communications (Office of the Vice President), said in a statement that Hadejia described the research as both timely and strategic. He noted the strong coordination between the Office of the Vice President and the leadership of the Federal Ministry of Industry, Trade and Investment.
​The cross-border payments report follows earlier milestones, including the development and launch of Nigeria’s Digital Trade Strategy and a capacity-building programme for sub-national leaders. According to Hadejia, Nigeria is increasingly assuming a leading role in shaping the digital trade agenda across the African continent, necessitating that the country remains at the forefront of AfCFTA implementation.

​Unlocking the $3.5tn market

​Hadejia noted that deepening engagement with the AfCFTA and enabling businesses, particularly small businesses, to conduct seamless cross-border transactions will be critical to unlocking trade, fostering growth, and creating jobs. Efficient cross-border payments, supported by trusted digital identity systems, will be key to realising President Bola Ahmed Tinubu’s Renewed Hope vision for Nigerian MSMEs.
​While the report identifies the Pan-African Payment and Settlement System as a critical platform for cross-border digital payments, Hadejia observed that Nigerian fintech firms such as PalmPay and Moniepoint will play a pivotal role in driving adoption.

​Infrastructure and regulatory commitment

​The federal government remains committed to strengthening critical infrastructure, regulatory frameworks, and partnerships to ensure Nigeria continues to lead in digital trade. “I appreciate the efforts of all stakeholders and urge us to move AfCFTA beyond a continental agreement to a $3.5 trillion trade juggernaut,” Hadejia said.

​He noted that intra-African trade will be driven not only by large corporations but by small businesses empowered through digital trade and e-commerce. However, he cautioned that issues of trust, identity, and logistics must be addressed.

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​Temitola Adekunle-Johnson, special adviser to the president on job creation and MSMEs, said the report would significantly strengthen the MSME ecosystem. He explained that cross-border payments in Africa have historically been largely informal and inefficient, but the emergence of the Bank Verification Number (BVN) and National Identification Number (NIN) systems is changing the landscape.

​Salihu Dasuki, special assistant to the president on ICT policy, disclosed that the government, in partnership with development partners, has developed a framework to fast-track seamless cross-border payments. Meanwhile, Shuda Ahmed, special assistant to the president on project support, noted that without affordable payment systems, MSMEs would be unable to scale beyond domestic markets.