FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters
The Federal Government has approved a substantial $1 billion credit facility to support Nigerian exporters and small-scale businesses in leveraging the African Continental Free Trade Area (AfCFTA) to enhance production, competitiveness, and intra-African trade.
The $1 billion AfCFTA Adjustment Fund Credit Facility is also anticipated to address certain financing gaps faced by Nigerian exporters and improve the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, announced 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 Okechi, Oduwole stated that the financing facility presents a significant opportunity for Nigerian businesses seeking to expand operations, modernise production processes, and increase exports to African markets.
The statement partly read, “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.”
She noted that despite the progress Nigeria has made in implementing the continental trade agreement, many local businesses continue to encounter obstacles that limit their capacity to benefit from the single African market.
“Many businesses still face challenges relating to export documentation, certification, standards compliance, and market access,” the minister stated.
She explained that the Federal Government is addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes, and strengthened collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole emphasised the necessity of reinforcing Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a prominent player in Africa’s expanding digital economy.
The minister also highlighted some of the achievements recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector entities, and sustained engagement with state governments are contributing to a deeper awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala stated that the $1 billion AfCFTA Adjustment Fund Credit Facility is targeted at large African businesses with a minimum financing capacity of $10 million.
She revealed that the National AfCFTA Coordination Office is collaborating closely with fund managers to facilitate access for eligible Nigerian companies and has commenced the assembly of a pilot group of businesses to ensure Nigeria maximises the opportunities provided by the facility.
