By Faith Anisiobi, The Sight News
Nigeria has called on African countries to place trade and economic cooperation at the centre of Pan-African diplomacy, stressing that partnerships are more sustainable when anchored on shared economic interests.
Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, made the call on Friday at the Ministerial Roundtable on “Trade and Economic Cooperation at the Centre of Pan-African Diplomacy” during the inaugural Africa-Alamein Business Forum (Go63) in New Alamein City, Egypt.
Enikanolaiye said Africa remained the centrepiece of Nigeria’s foreign policy, noting that trade and diplomacy could no longer be treated as separate tracks.
“For too long, we treated trade and diplomacy as separate tracks. Our partnerships endure only when they rest on shared economic interests,” he said.
The minister highlighted economic reforms undertaken by Nigeria since 2023, including fuel subsidy removal, foreign exchange unification and fiscal strengthening.
According to him, the reforms contributed to 4.43 per cent economic growth in the second quarter of 2026, while inflation fell to 15.39 per cent in August. He added that the country’s foreign reserves stood at $54.86 billion as of September 24, while the Monetary Policy Rate had been reduced to 23 per cent.
He also cited the launch of Nigeria’s National Single Window on March 27, 2026, and the Nigeria Tax Act, which consolidated more than 60 levies and took effect on January 1, 2026, as part of measures to improve the business environment.
On the African Continental Free Trade Area (AfCFTA), Enikanolaiye described the agreement as Africa’s most important trade instrument, noting that 50 countries had ratified it while 39 were participating in the Guided Trade Initiative.
He said Nigeria had validated its AfCFTA Implementation Strategy, gazetted its tariff concessions, submitted commitments on services and ratified the Digital Trade Protocol in November 2025.
The minister further disclosed that a new air cargo corridor involving Uganda Airlines and the United Nations Development Programme (UNDP) had reduced freight costs by between 50 and 75 per cent.
He stressed the importance of access to finance for expanding intra-African trade, welcoming the roles of the African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS).
According to him, the Central Bank of Nigeria directed banks to adopt PAPSS from April 2025 to facilitate local-currency settlement for cross-border transactions.
Enikanolaiye proposed five priority actions for African countries, including making trade facilitation a standing item in diplomatic engagements, addressing non-tariff barriers, expanding trade finance for small and medium-sized enterprises, women and young people, investing in transport and energy corridors and regional value chains, and adopting a common position in external trade negotiations.
On bilateral relations between Nigeria and Egypt, the minister said trade between both countries stood at $223 million in 2025, describing the figure as below the potential of the relationship.
He called for the implementation of agreements reached at the July 2025 Nigeria-Egypt Business Forum and the proposed Joint Investment Council.
Earlier, Egyptian Prime Minister, Dr Mostafa Madbouly, declared the forum open, describing it as a sustainable platform for dialogue among governments, the private sector and financial institutions.
Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, also called for greater cooperation towards developing an integrated African automotive industry.
The Go63 Africa-Alamein Business Forum, organised by the Egyptian government, Afreximbank and AUDA-NEPAD, runs until October 4 and is designed as a permanent biennial platform for translating African integration objectives into investments.
