Nigeria to maximize AfCFTA benefits through fintech investment

By Yusuf Issa An-Nuphawi

Abuja, March 26, 2025

Nigeria’s National Coordinator for the African Continental Free Trade Area (AfCFTA) Coordination Office, Olusegun Awolowo, has declared Nigeria’s commitment to harnessing the full potential of the agreement by boosting strategic investments in fintech and infrastructure.

Speaking at the Aquarian Consult Afri-Caribbean Investment Summit at the Transcorp Hilton in Abuja on Wednesday, Awolowo stressed that fintech firms can bridge Africa’s financial inclusion gap by leveraging mobile banking, blockchain, and decentralized finance (DeFi) solutions. “With over 600 million unbanked Africans, scalable digital payment systems will transform cross-border trade,” he said.

The summit, graced by high-profile leaders including St. Kitts and Nevis Prime Minister Dr. Terrance Drew, highlighted deepening economic collaboration between Africa and the Caribbean.

Awolowo, who was represented by the Senior Trade Expert/Lead at the Nigeria AfCFTA Coordination Office, Olusegun Olutayo, showcased Nigeria’s leading role in AfCFTA implementation, particularly through the transformation from a Committee into the Nigeria AfCFTA Coordination Office—a move approved by President Tinubu to accelerate full execution and attract vital investments.

“As digital trade expands under AfCFTA, venture capital, digital lending platforms, and AI-driven credit scoring models will empower SMEs, the backbone of Africa’s economy,” he asserted. He also warned that securing transactions through AI-powered cybersecurity, biometric verification, and blockchain-based identity systems is critical for safe cross-border commerce.

Beyond fintech, Awolowo underscored Africa’s pressing infrastructure demands, citing AfCFTA Secretariat estimates that the continent requires: 2 million trucks for intra-African trade logistics, over 100,000 rail wagons to strengthen rail transport, 250 aircraft to expand regional air connectivity, and over 100 shipping vessels to upgrade maritime trade routes.

“These figures represent real investment opportunities that will spur economic growth, streamline efficiency, and slash business costs across Africa,” he emphasized.

Awolowo praised President Tinubu’s reforms—including exchange rate unification, fuel subsidy removal, and trade facilitation measures—for positioning Nigeria to capitalize on AfCFTA’s benefits.

To convert summit discussions into tangible results, Awolowo proposed forming an Afri-Caribbean Investment Task Force to champion joint ventures in fintech and infrastructure, facilitate knowledge exchange, and align regulatory frameworks.