Regional leaders gather at Citi Forum to identify priorities for AfCFTA trade corridors
Nike Popoola
Regional policymakers, financial institutions and business leaders have identified stronger trade corridors, improved access to finance and harmonised regulations as critical to unlocking the full benefits of the African Continental Free Trade Area (AfCFTA).
A statement from the bank on Thursday said the resolutions emerged at Citi’s high-level Business Symposium in Abuja, themed “Broadening Trade Flows within West Africa’s Main Corridors under the African Continental Free Trade Area (AfCFTA).” The event brought together senior public and private sector stakeholders from Nigeria, Ghana and Côte d’Ivoire to discuss practical measures for boosting intra-African trade.
Participants acknowledged that while AfCFTA presents enormous opportunities for economic growth and regional integration, businesses continue to face significant challenges, including regulatory fragmentation, customs bottlenecks, non-tariff barriers, limited trade finance and inadequate infrastructure.
The Deputy Governor, Financial System Stability at the Central Bank of Nigeria (CBN), Lamido Yuguda, said efficient financial intermediation would be central to the success of cross-border trade under AfCFTA.
According to him, strengthening cross-border payment systems, improving foreign exchange market functionality and expanding access to trade finance would reduce transaction costs and facilitate smoother regional commerce.
The Minister of State for Industry, Senator John Owan Enoh, said Nigeria was positioning itself to become a leading exporter of manufactured goods through policies aimed at strengthening industrial competitiveness and expanding regional value chains.
He urged African countries to move beyond exporting raw materials and instead focus on value addition, describing industrial policy as the missing link to maximising the continent’s trade potential.
Also speaking, the Ambassador of Côte d’Ivoire to Nigeria, Kalilou Traoré, and Ghana’s Deputy High Commissioner to Nigeria, Dr. Gladys Mansa Yawa Feddy Akyea, called for stronger regional collaboration, harmonised standards and increased investment in infrastructure to drive AfCFTA implementation.
Managing Director and Chief Executive Officer of Citibank Nigeria Limited, Nneka Enwereji, reaffirmed Citi’s commitment to supporting businesses with practical financial solutions that enable seamless cross-border trade.
She noted that Nigeria occupies a strategic position in the success of AfCFTA and that the bank would continue to leverage its trade finance expertise and regional network to help clients expand into new African markets.
The symposium concluded with recommendations for wider adoption of digital trade platforms, implementation of single-window customs clearance systems, greater use of the Pan-African Payment and Settlement System (PAPSS), improved transport infrastructure and stronger public-private collaboration to accelerate regional trade integration.
