In a strategic move to strengthen Nigeria’s participation in the African Continental Free Trade Area (AfCFTA), the National Coordinator of the Nigeria AfCFTA Coordination Office, Mr. Olusegun Awolowo, recently hosted the Managing Director/Chief Executive Officer of the Bank of Industry (BoI), Dr. Olasupo Olusi, at the Coordination Office in Abuja.
This high-level engagement highlights the deepening collaboration between critical institutions like the Bank of Industry, as they work together to promote trade and spur economic growth within the framework of the AfCFTA.
Central to their discussions was the development of a Readiness Fund Portfolio, a key initiative aimed at empowering Nigerian businesses to harness the vast opportunities offered by the AfCFTA market. The fund is expected to provide financial support and capacity-building resources, ensuring that Nigerian enterprises, particularly those focused on manufacturing and export, are well-positioned to thrive in the increasingly competitive continental market.
“We are excited about this partnership with the Bank of Industry, which will play a vital role in driving policies that enhance Nigeria’s export capabilities,” said Mr. Awolowo. “This collaboration will also promote Made-in-Nigeria goods, helping our businesses to scale up and compete effectively on the international stage.”
Dr. Olusi echoed these sentiments, emphasizing the Bank of Industry’s commitment to supporting the growth of Nigerian businesses. He noted that the BoI would continue to play a central role in facilitating access to finance and ensuring that local manufacturers can leverage the AfCFTA platform to expand their market reach across Africa.
The stakeholders reiterated their commitment to creating an enabling environment for Nigerian businesses, stressing the importance of aligning industrial and trade policies with the objectives of the AfCFTA. The outcome of this engagement is expected to contribute significantly to Nigeria’s economic diversification efforts, driving job creation and boosting export revenues.
As the AfCFTA continues to reshape Africa’s trade landscape, the collaboration between the AfCFTA Coordination Office and the Bank of Industry is poised to accelerate Nigeria’s economic growth and enhance its competitiveness on the continent.
