Central Bank of Nigeria (CBN) has stressed the need to strengthen cross-border payment systems and improve the foreign exchange (FX) market to facilitate trade and economic integration across Africa under the African Continental Free Trade Area (AfCFTA).
Gatekeepers News reports that Lamido Yuguda, Deputy Governor for Financial System Stability at the CBN, made the call during Citi’s business symposium themed, “Broadening Trade Flows within West Africa’s Main Corridors under the African Continental Free Trade Area (AfCFTA).”
The symposium brought together senior government officials and private sector leaders from Nigeria, Côte d’Ivoire and Ghana to explore opportunities for expanding regional trade while addressing persistent challenges, including regulatory fragmentation, inadequate trade finance and logistical bottlenecks.
Speaking at the event, Yuguda said efficient financial intermediation would become increasingly important as intra-African trade expands under AfCFTA.
“Strengthening cross-border payment systems, improving FX market functionality, and deepening access to trade finance are essential to reducing transaction costs and enabling smoother trade flows,” he said.
“The Central Bank of Nigeria will continue to support initiatives that enhance financial stability while promoting greater regional integration.”
He added that central banks across the continent must build resilient payment and trade systems while improving access to finance for businesses operating across borders.
Also speaking, the Minister of State for Industry, John Enoh, said AfCFTA offers Nigeria a unique opportunity to accelerate industrialisation and expand export markets for locally manufactured goods.
According to him, the Federal Government is implementing policies aimed at improving the competitiveness of Nigerian industries, enhancing the ease of doing business and supporting export-led growth.
“Through sustained collaboration with the private sector, we are positioning Nigeria to play a leading role as a net exporter of manufactured goods and a driver of intra-African trade and economic integration,” Enoh said.
He urged African countries to move beyond exporting raw materials by focusing on value-added production, describing industrial policy as “the missing link” needed to unlock the continent’s full trade potential.
Enoh also highlighted the strategic importance of the Lagos-Abidjan trade corridor, particularly for the cocoa industry, noting that producing and exporting branded chocolate instead of raw cocoa beans represents the difference between dependency and value creation.
Côte d’Ivoire’s Ambassador to Nigeria, Kalilou Traoré, said AfCFTA’s vision of creating a single African market of more than 1.3 billion people can only be achieved through stronger cooperation in trade financing, industrialisation and the development of economic zones.
He identified non-tariff barriers, differing regulatory standards and inadequate infrastructure as major obstacles to regional integration.
Similarly, Ghana’s Deputy High Commissioner to Nigeria, Gladys Mansa Yawa Feddy Akyea, said the success of AfCFTA would depend on its ability to improve trade facilitation, connectivity, access to finance and the removal of practical barriers to commerce.
She called for deeper collaboration among African countries to strengthen regional value chains and build a globally competitive integrated market.
Managing Director and Chief Executive Officer of Citibank Nigeria Limited, Nneka Enwereji, said Nigeria occupies a strategic position in the success of AfCFTA and offers significant growth opportunities for businesses seeking regional expansion.
She reaffirmed Citi’s commitment to providing financial solutions that support clients in expanding across African markets and improving their competitiveness.
