Nigeria has a unique opportunity to capitalise on the benefits provided by the African Continental Free Trade Area (AfCFTA)’s Digital Trade Protocol, which is designed to integrate Africa’s fragmented markets through digital technologies, deliver savings in transaction costs for businesses, and generate new revenue streams for governments. These sentiments were echoed during a two-day AfCFTA Digital Trade Workshop and Global Markets hosted by the Office of the Vice President, Federal Republic of Nigeria and ODI Global in Abuja on February 19-20, 2025, where TradeMark Africa (TMA)’s Board Director, Lola Aworanti-Ekugo, led an insightful session on “The AfCFTA Digital Trade Protocol: Implications for Nigeria.” Adopted in February 2024, the AfCFTA Digital Trade Protocol seeks to eliminate trade barriers, enhance connectivity, and create a seamless digital trade environment in Africa. Aworanti-Ekugo’s session deliberated on a roadmap for Nigeria’s implementation of the protocol, outlining the reforms, regulatory milestones, and digital infrastructure investments needed to unlock the country’s full trade potential through digital trade. She emphasised the need for Nigeria to harmonise its digital trade policies, improve data governance, and strengthen consumer protection frameworks as part of the foundation for facilitating cross-border trade, enhancing the country’s competitiveness in the global digital economy, and positioning Africa as a leader in the global digital economy. The AfCFTA Digital Trade Workshop in Lagos follows Nigeria’s recent endorsement by the African Union as the AfCFTA Digital Trade Champion at the 38th AU Assembly in Addis Ababa. The recognition highlights Nigeria’s leadership in digital enterprise and innovation, and its...
Africa’s continental digital protocol could unlock a new era of economic growth and prosperity
Posted on: February 21, 2025
Posted on: February 21, 2025