Nigeria’s President Bola Tinubu on Thursday called for the unlocking of new trade corridors and a reduction in imports dependency across Africa.
He also highlighted the newly commissioned Afreximbank Africa Trade Centre (AATC) project in Abuja as a landmark initiative for the continent’s economic future.
The President, represented by Senator (Dr.) George Akume, Secretary to the Government of the Federation, made this known at the official commissioning of the AATC in Abuja, which was attended by Nairametrics.
The event drew top government officials and industry leaders, including Aliko Dangote and Tony Elumelu.
Advancing Intra-African Trade
In the President’s remarks, Akume stated that the commissioning of the AATC embodies African countries’ shared commitment to advancing intra-African trade, fostering economic integration, and unlocking the continent’s vast potential.
- The President described the building, which includes a conference facility, hotel, exhibition center, and more, as the realization of a bold vision for Africa’s economic future and a testament to the power of collaboration, resilience, and forward-thinking leadership.
“It is more than a physical structure. It is the beginning of innovation, a hub for entrepreneurship, and a catalyst for sustainable development,” he said.
- He added that the centre would serve as a critical platform for trade facilitation, capacity building, and investment promotion.
- Akume used the occasion to call for the development of new trade corridors and a reduction in imports, emphasizing that these are key strategies for the continent’s economic prosperity.
“Let us renew our resolve to build a stronger, more interconnected, and prosperous Africa.
“To achieve these goals, we must unlock new trade corridors, reduce dependency on imports, empower SMEs and women-led businesses through access to markets and finance, and harness digital technologies to streamline cross-border trade and reduce inefficiencies,” he said.
- He assured the Bank that the Federal Government of Nigeria remains steadfast in its support for initiatives that drive inclusive growth, digital transformation, and sustainable industrialization.
He noted that the Centre aligns perfectly with Nigeria’s priorities under the federal government’s eight-point agenda, particularly in the areas of job creation, economic diversification, and regional integration.
More Insights from Afreximbank and FG
On his part, the President of Afreximbank, Prof. Benedict Oramah, said the Bank’s vision for the Centre is to build a network of digitally connected trade hubs across Africa and the Caribbean to support businesses, SMEs, and innovators.
“We planted a seed—one that would grow into a platform for reconnecting with our own, at a time we need it most,” Prof. Oramah said.
- He noted that the AATC Abuja adds to the list of development-focused interventions the Bank has made in Nigeria over the last three decades.
- He added that its co-established Energy Bank is expected to address financing constraints in the oil, gas, and broader energy sectors.
“The financing support to Nigeria has also helped boost oil refining capacity to about 1.2 million barrels per day and 7.5 million tonnes per annum of urea fertilizer production, up from under 4 million tonnes in 2019.
“We expect urea capacity to rise to about 11 million tonnes by 2027 when Dangote Petrochemical Company opens the new lines under development.
“These are remarkable achievements that are contributing significantly to Nigeria’s non-oil export revenues,” he added.
He commended the Federal Government for supporting the Bank.
- Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed government’s satisfaction with the decision to locate the centre in Abuja, Nigeria.
“The AATC and other laudable projects of the Bank in Abuja will transform the administrative capital of the Federal Capital Territory into a major service hub for the West African region and the continent at large,” he said.
He urged both public and private stakeholders to make use of the facilities offered by the African Trade Centre.
What You Should Know
Nigeria’s exports are dominated by crude oil and raw materials.
Nairametrics reported that Nigeria’s exports rose by 57.7% in the fourth quarter of 2024, with crude oil accounting for 68.87% of total exports.
Other key export products were also raw materials.
They included liquefied natural gas, petroleum gases, superior-quality cocoa beans, and urea.
