By Tonye Apiri
The Federal Government has stepped up efforts to prepare Nigerian digital enterprises to leverage opportunities under the African Continental Free Trade Area (AfCFTA). It has also rolled out macroeconomic reforms, regulatory measures and market integration strategies aimed at broadening cross-border digital commerce across the continent.
Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, made this known to participants at the opening of the 2nd African Continental Free Trade Area Digital Trade Forum in Lagos on Thursday.
Dr. Oduwole stated that Africa’s digital economy holds major potential for deepening economic integration. She however noted that policy and regulatory obstacles continue to restrict the expansion of digital businesses beyond national borders.
The Minister observed that trade is shifting away from dependence on ports, roads and shipping lanes toward digital platforms and services.
“Today, a software developer in Lagos can serve a client in Nairobi. A business in Kigali can collaborate with partners in Accra without establishing a physical presence. Digital trade is opening new pathways for African businesses to grow, export and compete. The question is whether we are creating the conditions for them to do so,” the minister said.
According to Dr. Oduwole, Nigeria’s information and communications technology sector accounts for almost 18 per cent of Gross Domestic Product, and the country is home to about 28 per cent of Africa’s fintech firms. She added that with over 60 per cent of Nigerians under age 25, Nigeria has one of the continent’s largest reserves of digital talent.
The Minister argued that digital trade offers one of the strongest avenues for accelerating Africa’s economic integration and transformation. She explained that if a company can develop a world-class product in Lagos but still faces payment difficulties or conflicting regulations when entering other African markets, then the full benefits of the AfCFTA remain unrealised.
“We are therefore updating our business classification framework to better reflect today’s digital economy, ensuring that our policies, incentives and support programmes are designed around the businesses that are actually driving growth”, the minister noted.
several legislative reforms supporting digital businesses. These include the Tax Reform Acts, which streamline the tax system, and the Investment and Securities Act 2025, which offers regulatory clarity for crowdfunding, digital assets and new investment instruments. She stated that current work on intellectual property recognises software, creative works and innovation as commercial assets that require protection, commercialisation and monetisation. She maintained that these reforms collectively simplify the process of establishing digital service companies in Nigeria, safeguarding innovation and enabling expansion across Africa.
She further noted that capital importation rose above $20 billion in 2025, compared with under $4 billion three years prior. She also said all three major international credit rating agencies had upgraded Nigeria’s sovereign outlook.
Despite the prospects under AfCFTA, the Minister observed that intra-African digital trade remains weak. She revealed that only five per cent of Africa’s digitally delivered services are traded within the continent, a figure she described as proof of a large untapped market for African firms. She said this presents significant potential for intra-African trade, investment and digital transformation.
To tackle the gap, Dr. Oduwole disclosed that the Federal Ministry of Industry, Trade and Investment completed Nigeria’s first detailed mapping of the digital services ecosystem in April 2025. The exercise produced what she described as Africa’s first directory of digital services companies, classified by sector.
The two-day forum attracted policymakers, regulators, development partners, investors and technology firms from across Africa. Participants deliberated on approaches for executing the AfCFTA Digital Trade Protocol and fast-tracking the creation of a unified African digital market.