THE African Continental Free Trade Area (AfCFTA) is revolutionizing Africa’s economic landscape by creating a single market with a combined GDP of $3.4 trillion, uniting 54 countries and 1.4 billion people. This groundbreaking agreement aims to boost intra-African trade, attract investment, and foster economic growth by reducing tariffs and harmonizing regulations. With its vast potential, the AfCFTA is poised to unlock new opportunities for businesses, entrepreneurs, and investors across the continent.
Speaking at a Business Forum on ‘Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty’, held recently in Lagos, Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun Bashiru Randle, said Nigeria and the rest of Africa must embrace cooperation and innovation to achieve inclusive growth.
Randle said the NEPAD Business Group stands at the intersection of policy and enterprise, championing the private sector as the engine of Africa’s growth and integration.
‘This forum reflects the urgency and opportunity for us as a continent to build resilience, deepen collaboration, and harness the full potential of AfCFTA for sustainable development,’ he said.
‘AfCFTA represents one of the most ambitious undertakings in Africa’s economic history-creating a single market of over 1.4 billion people with a combined GDP of more than $3.4 trillion.’
Also speaking at the event, Lagos State Governor Babajide Sanwo-Olu, represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Kaosarat Ambrose, described AfCFTA as a strategic platform for expanding intra-African trade and strengthening regional value chains.
Sanwo-Olu, however, stressed that the success of AfCFTA depends largely on private sector participation.
‘Governments can negotiate treaties, but businesses must produce, export, and invest,’ he said. ‘That belief in cross-border trade must persist despite global headwinds such as currency volatility, supply chain disruptions, and regional instability.’
He noted that technology is reshaping commerce through digital trade, e-commerce, and fintech, adding that Africa must embrace innovation to simplify cross-border transactions.
‘Lagos is already leading in this space as Nigeria’s tech capital-a model that can inspire other regions,’ he added. ‘This is a time for collaboration, not competition; for unity, not isolation.’
Similarly, President of the Nigerian Association of Small and Medium Enterprises (NASME), Dr. Abdulrashid Ibrahim Usman Yerima, emphasised that industrialisation, entrepreneurship, and innovation remain the pillars of economic transformation.
‘As private sector leaders-the employers, innovators, and value chain creators-we bear the responsibility to lead Africa from aspiration to achievement,’ Yerima stated. ‘No SME can scale alone in a continental market of 1.4 billion people. Collective strength and partnerships are vital to drive productivity and inclusion.’
He urged governments and investors to forge partnerships that accelerate industrial capacity, build trust, and empower small and medium enterprises (SMEs) to compete globally.
‘Though the world may be uncertain, Africa’s future is not,’ Yerima said. ‘It is bright because we are building it together.’
On his part, President of the African Business Roundtable, Mr. Samuel Dossou-Aworet, called for increased inflow of international capital to support Africa’s development, noting that domestic resource mobilisation alone is insufficient.
‘Africa must scale up its infrastructure to enhance production and competitiveness,’ Dossou-Aworet said. ‘Access to capital, financial inclusion, and innovative financing mechanisms are key to unlocking trade and investment opportunities.’
He also urged African countries to pursue market access and trade facilitation measures that enable locally produced goods to penetrate global markets.
The forum, hosted by the NEPAD Business Group Nigeria, brought together policymakers, business leaders, and development experts.