Nigeria’s MSMEs Set to Drive a Continental Trade Revolution

The winds of change are sweeping across Africa, carrying with them a renewed spirit of ambition, innovation, and resilience. At the heart of this awakening stands Nigeria—powered not only by its large corporations but by its millions of Micro, Small, and Medium Enterprises (MSMEs), its women entrepreneurs, and its vibrant youth. With the African Continental Free Trade Area (AfCFTA) now fully operational, Nigeria is stepping confidently onto the continental stage, determined to empower the many, not just the mighty. Recently, Nigeria achieved a significant milestone by officially gazetting its trade protocol and submitting it to the AfCFTA secretariat. Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment, announced this achievement, noting that the approval process involved collaboration between the Ministry of Justice and the Nigeria Customs Service, which led to the final gazetting of the country’s tariff schedules. This move, according to Oduwole, signals that Nigeria is serious about the AfCFTA agreement and its commitment to prioritizing exports. “We’ve been focusing a lot on the AfCFTA, and I am happy we were able to take our time and respond because this is the strategy we have been adopting for the last 22 months,” she said.

This is not a rushed ambition; it is a calculated and strategic plan designed to expand Nigeria’s trade footprint across Africa. But this expansion is not just for the country’s oil exports or large corporations—it’s for the country’s vast MSME sector. Oduwole expressed that there are many opportunities for Nigerian MSMEs to trade across the continent, particularly in goods and services. A market intelligence tool will soon be released to identify where Nigerian goods are most in demand in southern and eastern Africa. “This tells us that there is a lot of opportunity for our MSMEs to trade across the continent,” she added. Beyond just data, this tool is designed to provide direction. Nigeria is addressing practical steps to support businesses in navigating new markets. Oduwole explained that the government is assisting MSMEs with logistics, certifications, regulatory processes, and even organizing trade missions to help businesses access new African markets. The core of Nigeria’s trade revolution lies not just in the volume of exports but in empowering the right people to export. Oduwole emphasized that AfCFTA is not just for big businesses; it’s designed to include MSMEs, especially those led by women and youth. She stated, “This is the right time to encourage MSMEs, female and youth-led businesses, to trade regionally as AfCFTA speaks to smaller businesses and not just big businesses.”

This inclusivity is crucial for the success of intra-African trade. In this new era, the tailor in Kano, the edutech startup in Ibadan, and the agritech entrepreneur in Kaduna will all have a seat at the table. Technology and services are vital components of Nigeria’s trade strategy. The country’s success in financial services, fintech, edutech, and agritech is enabling small businesses to thrive and move their products across the continent. Oduwole highlighted that digital trade is unlocking opportunities for businesses like edutech and agritech to operate in markets far beyond their borders. “In terms of trade in services, Nigeria is doing well in financial and fintech services. Technology and digital trade are both enabling several businesses, like edutech and agritech, to move across the continent,” she said.

Despite the promising outlook, challenges remain. Logistics and policy barriers have historically hindered smooth intra-African trade. However, Nigeria is taking proactive steps to address these issues. For instance, Oduwole shared that the Nigerian Customs Service (NCS) will host all African heads of customs in Abuja to discuss how goods, especially agricultural products, can move more quickly across the continent. “The NCS is hosting all African countries’ heads of customs in Abuja this quarter to address how goods, especially agricultural produce, can move easily and faster across the continent,” she noted. The goal of Nigeria’s trade agenda is clear: to boost intra-African trade to 50% by 2030. While Oduwole acknowledged that meeting this deadline may be challenging, she remains optimistic about the long-term vision. “We want to see how Africa can trade more within itself and improve intra-African trade to 50 per cent by 2030. We have, however, agreed that it is quite late to meet this deadline,” she said.

Despite the hurdles, the government’s resolve is strong. Nigeria’s new trade mandate emphasizes the importance of coordinating efforts across all agencies involved in AfCFTA implementation. Oduwole firmly stated, “Our new mandate is to ensure that all the coordinating agencies involved with the AfCFTA are working in tandem to support our exporters as they take on new markets.” This is not just a dream of potential, it’s a future in the making. Nigerian MSMEs, which were once excluded from global trade opportunities, are now poised to play a key role in Africa’s economic future. “This agreement will boost these businesses as they go out of the shores of Nigeria, trade effectively and earn much-needed FX. Businesses can now export to any part of Africa, and this will boost job creation, expansion of Nigerian businesses, as well as improved market access and share,” Oduwole said.

While external factors like recent U.S. tariffs may disrupt the trade landscape, Oduwole emphasized that Africa must look inward. “It is imperative we all look inwards into Africa… We need to ensure we begin trading with each other more aggressively, and Nigeria is ready to lead this charge,” she stressed. Africa is not just a market—it is a movement. And Nigeria, through its resilient MSMEs, is leading with heart, strategy, and belief in its people. From the policy corridors of Abuja to the bustling markets of Lagos, a new chapter in African trade is being written.

Nigeria’s entrepreneurs, especially its MSMEs, are no longer on the sidelines. They are the central protagonists of this continental trade revolution. With Nigeria’s MSMEs now poised to lead the charge in intra-African trade, the country must continue to invest in the right infrastructure, policies, and support systems to ensure these businesses can navigate the complexities of regional markets and truly capitalize on the boundless opportunities ahead.