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AfCFTA: Free Trade Bloc can be a Game Changer for African People, Business
Exploring strategies to deepen private sector participation in the implementation African Continental Free Trade Area (AfCFTA) was the highlight of a panel session during the 2021 WTO Aid-for-Trade Stocktaking meeting.
The African Development Bank, the United Nations Industrial Development Organization (UNIDO) and International Trade Centre (ITC) organized the session held on Wednesday 24 March.
“The success of the AfCFTA hinges on the ability of African firms to understand and capitalize on the trade related opportunities offered by the AfCFTA,” said Pamela Coke-Hamilton, International Trade Centre (ITC) Executive Director.
The Aid-for-Trade initiative – which promotes the role of trade in development and supports building productive capacities– should focus on three priorities to boost the private sector’s role in AfCFTA: empowering businesses with skills and know-how; fostering multi-stakeholder partnerships to attract investment for greater value addition and enhancing market connections using e-commerce and digital platforms, Coke-Hamilton said.
Also participating were: Mr. Alan Kyerematen, Ghana Minister of Trade and Industry; Mr. Li Yong, Director-General of UNIDO; Mr. Solomon Quaynor, African Development Bank Vice President, Industry, Infrastructure, Private Sector and Trade; Ms. Tania Rödiger-Vorwerk, Director, Private Sector, Trade, Employment and Digital Technologies in Germany’s Ministry for Economic Cooperation and Development; Ms. Glwadys Tawema, CEO of Benin firm, Karethic; Mr. Emmanouil Davradakis, Senior Economist, European Investment Bank; Mr. Paul Walters, Director for Trade & Development, UK Foreign, Commonwealth and Development Office and Mr. Michael Kottoh, Head of Strategy & Research, AfroChampions.
“This is a trade area of the people, so we need to understand and engage the people to go forward and believe in this dream of an African free trade area,” said Ambassador Usha Dwarka-Canabady, Permanent Representative of Mauritius at the United Nations Office at Geneva and coordinator of the African Group at the World Trade Organization, who moderated.
Discussion focused on boosting private sector involvement in policy dialogues on trade, investment and infrastructure, strategies to increase participation by micro, small and medium enterprises, and the need for greater partnerships to attract investment in promising industries.
Kyerematen proposed that bridging information gaps between governments and the private sector would help build confidence around the free trade agreement and noted that fiscal incentives, including subsidies, might be needed in some instances.
Li emphasized the private sector’s role in speeding up industrial development and economic diversification, particularly in the context of the ongoing pandemic and other development challenges.
“The private sector accounts for 80% of total production, two thirds of investment, three-quarters of credit and employs 90% of the working age population.”
He also noted “several determining factors, including an enabling business environment, affordable connectivity, accelerated digitalization and opportunities to forge strong public-private partnerships” as crucial to ensuring businesses’ commitment to trade and invest in the AfCFTA.
The African Development Bank, UNIDO and the ITC have each engaged with the private sector at the continental, regional and sub-national level to facilitate the African business community’s access to the new single market, said Vice-President Quaynor.
The African Development Bank is actively supporting or looking to support initiatives to boost trade and improve livelihoods for Africans, Quaynor said, citing the Ethiopian Commodity Exchange as a model to be replicated across Africa, referring to the commodities exchange established in 2008 that is transforming the country’s agricultural trade.
“African farmers receive only 20-25% of the final price of their market produce, compared to the 70-85% that Asian farmers receive.”
Quaynor also named AfroChampions, a public-private partnership designed to accelerate economic integration and support the emergence of African multi-nationals, as an initiative that is making an impact.
The meeting comes in the wake of the entry into force of the AfCFTA on 1 January 2021. The free trade area brings together 1.3 billion Africans in a $3.4 trillion economic bloc.
The bloc is the largest free trade area since the establishment of the World Trade Organization, and economists project that its benefits and impacts could lift tens of millions out of poverty over the next 15 years.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
Lagos State has become the first sub-national government in Nigeria to establish a comprehensive Greenhouse Gas Registry, a move aimed at strengthening climate governance, improving emissions accountability and accelerating the state’s transition to a low-carbon economy.
The Lagos State Greenhouse Gas Registry (LGHGR) was unveiled at the Central Business District, Alausa, Ikeja, at a ceremony attended by Prof. Akin Abayomi, commissioner for Health, members of the State Executive Council, representatives of the Federal Ministry of Environment, development partners, TPHG Technologies, the diplomatic and business communities, academics, civil society organisations and the media.
Describing the initiative as a landmark achievement in the state’s environmental sustainability drive, Dr. Babatunde Ajayi, general manager of the Lagos State Environmental Protection Agency (LASEPA), said the Registry marks a defining moment in Lagos’ climate action journey and reflects Governor Babajide Sanwo-Olu’s commitment to building a resilient, climate-smart and environmentally sustainable economy.
According to Ajayi, the digital platform will enable the state to accurately measure, monitor, report and verify greenhouse gas emissions across key sectors, providing credible data to guide environmental policies and climate interventions.
He said the Registry would strengthen evidence-based decision-making, improve transparency and accountability, support national and international climate reporting obligations, unlock carbon market opportunities and boost investor confidence in Lagos’ environmental initiatives.
Ajayi also commended TPHG Technologies for providing the technical expertise that made the pioneering project possible.
Delivering the keynote address, Prof. Abayomi described the Registry as a major milestone that positions Lagos at the forefront of climate governance and emissions accountability in both Nigeria and Africa.
He noted that climate change has evolved into a significant public health and governance challenge, stressing that access to reliable emissions data would enable the state to formulate evidence-based policies, attract climate financing, strengthen resilience and accelerate its transition to a low-carbon economy.
Providing insights into the technical framework of the project, Dr. Mofoluso Fagbeja, lead consultant and chief executive officer, TPHG Technologies, explained that the Registry was developed from the greenhouse gas inventory jointly undertaken by LASEPA and TPHG Technologies in 2022, using 2019 as the baseline year for emissions assessment.
He said the platform is designed to close critical emissions data gaps, particularly within the industrial sector, while supporting effective climate policy implementation, emissions management and sustainable development.
Fagbeja also disclosed that the greenhouse gas inventory estimated that poor air quality contributes to about 35,000 premature deaths annually in Lagos, underscoring the urgent need for stronger emissions control measures and cleaner environmental practices.
In a goodwill message, Balarabe Abbas Lawal, minister of Environment, represented by Mrs. Adenaike Olunimpe Oludunni, federal controller of Environment in Lagos, commended Lagos State for pioneering the initiative, describing it as a significant contribution to Nigeria’s climate commitments.
He said the Registry aligns with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement and supports the Federal Government’s Energy Transition Plan, while reaffirming the ministry’s commitment to deeper collaboration with Lagos State on climate governance and environmental sustainability.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
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