JUST IN: CBN raises interest rate to 18.5%
Godwin Emefiele, CBN governor

Adebayo Obajemu

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, recently disclosed that the African Continental Free Trade Agreement (AfCFTA), when fully implemented could afford Nigerian companies preferential access to African markets worth $504.17 billion in goods.

The CBN boss urged Nigerian businesses to seize the AfCFTA opportunity to ensure that Nigeria serves as a significant hub for international and domestic manufacturing companies seeking to serve the West, Central and East African Markets.

He said that Nigeria has a very young energetic, technological savvy population that have been leveraging technological applications to improve service delivery in the areas of finance, logistics and agriculture to consumers in Nigeria.

“I believe the AFCFTA will provide an opportunity for these young talented Nigerians to expand their services across the African region. Developing trade portals that could support instant sales of goods manufactured in Nigeria to consumers in other parts of Africa is one aspect that can help to support the creation of jobs in Nigeria and improve foreign exchange inflows for the country,” he said.

Emefiele said Nigerian banks are already playing a significant role in expanding across the African continent.

“I would like to encourage them to also leverage their presence in other parts of Africa, to support Nigerian businesses seeking to expand into new markets in Africa, by providing trade facilities to those with strong potentials for growth,” he said.

Emefiele said the apex bank has taken considerable steps to improve the productive capacity of businesses, which would enable them take advantage of export opportunities in Africa.

“Our intervention programs in the agriculture and manufacturing sectors, are helping to enable businesses expand their scale of production, which is meeting growing domestic demand for goods, but also providing goods for the export market.”

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