Benjamin Kalu, deputy Speaker of the House of Representatives, has emphasized the critical role of parliaments in promoting multilateralism through digital trade.

Kalu, according to a statement by his Chief Press Secretary (CPS), Levinus Nwabughiogu, stated this at the World Trade Organization/Inter-Parliamentary Union (WTO-IPU) Steering Committee session of the WTO Public Forum 2025 on the sidelines of the ongoing 55th Parliamentary Conference, Geneva, Switzerland.

The statement noted that the deputy speaker, who spoke on the theme “Promoting Multilateralism Through Digital Trade: What Role for Parliaments?”, stated that digital trade is a defining contemporary governance challenge that shapes the daily reality of entrepreneurs and the future opportunities for youth.

He stated that that Africa is proactively building its own regional multilateralism through the African Continental Free Trade Area (AfCFTA) and its Protocol on Digital Trade, aiming for a harmonized and integrated digital market.

Kalu, while citing Nigeria’s legislative actions, including the Nigeria Data Protection Act of 2023 and the forthcoming National Digital Economy Bill, stressed that parliaments across Africa are also actively legislating the future of digital trade.

According to him, “the digital economy is no longer a distant promise; it is the daily reality of our entrepreneurs and the horizon of opportunity for our youth. In Africa, we have chosen not to wait for others to write our future.

“Through the African Continental Free Trade Area (AfCFTA) and its Protocol on Digital Trade, we are building our own regional multilateralism, a blueprint for a harmonized, integrated digital market.

“But blueprints alone do not build houses. Success depends on the laws we pass, the trust we create, and the predictability we guarantee. In Nigeria, we have acted: the Nigeria Data Protection Act of 2023 safeguards privacy, while the forthcoming National Digital Economy Bill will anchor e-commerce and investment in legal certainty.

“Across Africa, parliaments are not spectators; we are legislating the future. Let us be frank, rules without enforcement are illusions. For smaller economies, a binding, two-tier dispute settlement system is not optional; it is survival.”

He added that “we all know that speeches do not build futures; actions do. For us to move to coordinated action, I propose three steps: a Legislative Tracking Mechanism that engenders peer‑to‑peer accountability, requiring us to report back on how we translate our collective resolutions into concrete action within our national parliaments; Concrete WTO support for AfCFTA implementation to further deepen digital trade in Africa; and a Model Digital Trade Legislative Toolkit developed with UNCTAD and ITC, to equip parliaments with best-practice laws for a pro-development digital economy.”

Nigeria has upgraded its passport production system to meet global standards, now able to process up to 5,000 passports every day.

According to TVC, Dr. Olubunmi Tunji-Ojo, minister of Interior, disclosed this during an inspection of the new Centralised Passport Personalisation Centre at the Nigeria Immigration Service headquarters in Abuja.

He explained that the development is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which has cleared backlogs and ended long delays in passport processing.

According to him, Nigerians can now get their approved passports within 24 hours.

“The era of backlogs and manual personalisation is over. Nigerians can now expect faster, more reliable service as we strengthen the integrity of our travel documents,” Tunji-Ojo said.

The Minister added that Nigeria has now joined countries like the United States, the United Kingdom, France, and India in adopting advanced passport systems that ensure speed, transparency, and global authentication.

He also commended the Permanent Secretary, Dr. Magdalene Ajani, Comptroller-General of Immigration, Mrs. Kemi Nandap, and other key officials for their contributions.

Tunji-Ojo stressed that the project, delivered through a partnership with IRIS Smart Technologies Ltd., was achieved without direct government funding.

“This project underscores our resolve to build enduring institutions rather than systems dependent on individuals,” he said.

With the new system, production has moved from 250–300 booklets per machine daily to between 4,500 and 5,000.

The Minister described the achievement as a major milestone in Nigeria’s 62-year Immigration Service history, saying it has restored confidence in the country’s travel documents.

The Board of Directors of the African Development Bank Group has approved an equity investment of USD 25 million in The Currency Exchange Fund (TCX), a global leader in offering long-term local currency hedging solutions in emerging and frontier markets.

This strategic investment will strengthen TCX’s capital base, enhance its risk-bearing capacity, and expand its ability to offer hedging instruments in illiquid and less liquid currencies across the African continent.

The transaction will help mitigate the foreign exchange risks faced by borrowers in Africa, particularly those operating in fragile states and underserved markets. TCX operates as a development-focused fund that provides tailor-made FX hedging instruments to enable local currency lending in countries where conventional hedging markets are either underdeveloped or non-existent.

The Bank’s investment will crowd in additional DFIs and private investors, reinforce Africa’s integration into global capital markets, and support sustainable growth by reducing the mismatch between the currency of debt and revenue for local borrowers.

Ahmed Attout, Director of the financial Sector Development Department, at the African Development Bank Group, stated: “This investment in TCX marks an important milestone in the Bank’s effort to deepen African capital markets and address the root causes of debt distress. The Bank’s support to TCX will unlock local currency financing for MSMEs, infrastructure and many sectors across Africa.”

He added : “The transaction forms part of the Bank’s broader objective to promote access to adequate financing through innovative alternative solutions.”

The investment builds on the Bank’s prior participation in TCX and reflects its continued confidence in the fund’s track record and impact-driven model. TCX has hedged more than USD 17 billion in notional amounts since inception, including over USD 4 billion across 31 African countries.

The Bank’s participation is expected to facilitate increased hedging volumes in priority sectors such as the public sector (Debt Management Offices and Public Development Banks), infrastructure, energy access, microfinance, and SME development. TCX also plays a unique role in fragile and low-income countries, with around 18% of its global outstanding portfolio currently focused on such markets.

Ruurd Brouwer, TCX’s Chief Executive Officer stated : “We are thrilled to welcome African Development Bank Group to TCX’s capital base, joining fellow development finance institutions, impact investors and governments that support our local currency hedging solution. It marks the start of a close partnership in protecting AfDB’s public and private sector borrowers from currency risk and promoting the development of African capital markets. We very much look forward to increasing our joint impact on the continent.”

This operation is aligned with the Bank’s Ten-Year Strategy 2024–2033. It complements the Bank’s broader capital markets strategy, which includes support for local currency bond issuance, Partial Credit Guarantees, and private sector local currency lending.

The investment is expected to deliver strong development impact. The African Development Bank remains committed to fostering resilient capital markets in Africa, supporting de-risking mechanisms for the private sector, and expanding access to local currency finance to promote inclusive and sustainable development.