AFC BACKS NIGERIA’S EXPANDED AFRICAN TRADE ROUTES

The Africa Finance Corporation (AFC) has expressed strong support for Nigeria’s efforts to expand trade routes across the African continent, describing the move as critical to unlocking the full potential of the African Continental Free Trade Area (AfCFTA).

AFC President, Ms. Samaila Zubairu, gave the assurance on Friday during a high-level meeting with Nigerian government officials and private sector leaders in Abuja. She highlighted the importance of robust infrastructure and efficient trade corridors in boosting intra-African trade and economic integration.

“Nigeria’s leadership in expanding trade routes is commendable. AFC is ready to provide the necessary financing and technical support to make these routes efficient, reliable, and sustainable,” Zubairu stated.

The corporation has already committed significant funds to several infrastructure projects that support trade, including road networks, ports, and logistics hubs. AFC said it will continue to prioritise projects that enhance connectivity between Nigeria and other African countries.

The Nigerian government, through the Ministry of Trade and Investment, welcomed the AFC’s support and reaffirmed its commitment to deepening regional integration. The minister said the expansion of trade routes will help diversify the economy, create jobs, and increase Nigeria’s non-oil exports.

Stakeholders at the meeting agreed that improved trade infrastructure is essential for the successful implementation of the AfCFTA. They called for greater collaboration between governments, development finance institutions, and the private sector to overcome logistical and infrastructural challenges.

The AFC has been a key player in financing transformative infrastructure projects across Africa. Its support for Nigeria’s trade route expansion is expected to accelerate the movement of goods, reduce transportation costs, and open new markets for Nigerian businesses.

As Nigeria continues to position itself as a major trade hub on the continent, the backing of institutions like the AFC is seen as crucial to achieving long-term economic growth and regional integration goals.