By woke Joshua
Nigeria has urged African countries to make trade and economic cooperation central to their diplomatic engagements, stressing that stronger economic ties are essential to achieving sustainable continental partnerships.
The Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, made the call at a ministerial roundtable on “Trade and Economic Cooperation at the Centre of Pan-African Diplomacy” held during the inaugural Africa-Alamein Business Forum (Go63) in New Alamein City, Egypt.
Enikanolaiye, in a statement issued by his Special Adviser on Media and Strategic Communications, Richard Elesho, on Sunday, said Africa could no longer afford to pursue trade and diplomacy as separate policy areas.
He said Nigeria’s foreign policy remained firmly anchored on Africa, while outlining economic reforms implemented by the Federal Government since 2023, including fuel subsidy removal, foreign exchange reforms and fiscal measures.
According to him, the reforms helped the Nigerian economy record 4.43 per cent growth in the second quarter of 2026, while inflation declined to 15.39 per cent in August and foreign exchange reserves rose to $54.86 billion as of September 24.
He added that the Monetary Policy Rate had also been reduced to 23 per cent.
The minister highlighted other initiatives, including the National Single Window, which commenced operations on March 27, 2026, and the Nigeria Tax Act, which consolidated more than 60 levies and became effective on January 1, 2026.
On the African Continental Free Trade Area (AfCFTA), Enikanolaiye described the agreement as the continent’s most significant trade instrument.
He said 50 countries had ratified the agreement, while 39 were participating in the Guided Trade Initiative.
The minister said Nigeria had validated its AfCFTA Implementation Strategy, gazetted its tariff concessions, submitted its commitments on services and ratified the Digital Trade Protocol in November 2025.
He also disclosed that a new air cargo corridor involving Uganda Airlines and the United Nations Development Programme had reduced freight costs by between 50 and 75 per cent.
Enikanolaiye called for stronger financing mechanisms to boost intra-African trade, commending the contributions of Afreximbank and the Pan-African Payment and Settlement System (PAPSS).
He said the Central Bank of Nigeria had directed banks to adopt PAPSS from April 2025 to facilitate trade settlements in local currencies.
To deepen intra-African trade, the minister proposed five measures, including making trade facilitation a permanent item in diplomatic engagements, removing non-tariff barriers and expanding access to trade finance for small businesses, women and young people.
He also called for increased investment in transport and energy corridors as well as regional value chains, while urging African countries to adopt a common position in external trade negotiations.
On Nigeria-Egypt economic relations, Enikanolaiye said bilateral trade, valued at $223 million in 2025, remained far below its potential.
He therefore urged both countries to implement agreements reached at the July 2025 Nigeria-Egypt Business Forum and advance plans for the establishment of a Joint Investment Council.
Earlier, Egyptian Prime Minister, Dr. Mostafa Madbouly, declared the forum open, describing it as a sustainable platform for dialogue involving governments, the private sector and financial institutions.
Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, called for stronger cooperation among African countries towards the development of an integrated continental automotive industry.
The Go63 Forum, organised by Egypt in partnership with Afreximbank and AUDA-NEPAD, is scheduled to end on October 4, 2026.
It is designed as a permanent biennial platform for converting African integration objectives into concrete investment opportunities.