Nigeria has urged African countries to place trade and economic cooperation at the heart of Pan-African diplomacy. The Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, made the call at the Ministerial Roundtable on “Trade and Economic Cooperation at the Centre of Pan-African Diplomacy” during the inaugural Africa-Alamein Business Forum in New Alamein City, Egypt. Enikanolaiye emphasized that sustainable partnerships must be built around shared economic interests.
Enikanolaiye noted that Africa could no longer afford to treat trade and diplomacy as separate policy tracks. He stressed that economic cooperation remained critical to strengthening relations among African countries. Nigeria’s foreign policy continues to place Africa at its centre, with a focus on economic reforms undertaken by the Federal Government since 2023.
The Minister highlighted several economic reforms, including the removal of fuel subsidy, foreign exchange unification, and fiscal reforms. These reforms have contributed to a 4.43 per cent economic growth in the second quarter of 2026, a decline in inflation to 15.39 per cent in August, and foreign exchange reserves of $54.86 billion as of September 24.
Enikanolaiye also mentioned the National Single Window, which went live on March 27, 2026, and the Nigeria Tax Act, which consolidated more than 60 levies and took effect on January 1, 2026. He described the African Continental Free Trade Area (AfCFTA) as Africa’s most important trade instrument, with 50 countries having ratified it.
The Minister disclosed that Nigeria had validated its AfCFTA Implementation Strategy, gazetted its tariff concessions, submitted its services commitments, and ratified the Digital Trade Protocol in November 2025. He also highlighted a new air cargo corridor involving Uganda Airlines and the United Nations Development Programme, which has reduced freight costs by between 50 and 75 per cent.
Enikanolaiye stressed the need for adequate financing to support intra-African trade, commending the roles of Afreximbank and the Pan-African Payment and Settlement System (PAPSS). He proposed five key measures to deepen African trade, including making trade facilitation a standing item in diplomatic engagements and eliminating non-tariff barriers.
On bilateral relations between Nigeria and Egypt, the Minister noted that bilateral trade, valued at $223 million in 2025, remained below its potential. He called for the implementation of agreements reached at the July 2025 Nigeria-Egypt Business Forum and the proposed establishment of a Joint Investment Council. The Go63 Forum, organised by Egypt, Afreximbank, and AUDA-NEPAD, is scheduled to run until October 4, 2026.
Key points
- Nigeria's Minister of State for Foreign Affairs calls on African countries to prioritize trade and economic cooperation in their diplomatic efforts.
- The African Continental Free Trade Area (AfCFTA) has been ratified by 50 countries, with 39 participating in the Guided Trade Initiative.
- Nigeria and Egypt aim to strengthen bilateral trade, currently valued at $223 million, through the implementation of agreements and a proposed Joint Investment Council.
