Customs, Afreximbank forge fresh alliance to unlock Africa’s $3.4tn market

Nigeria is intensifying efforts to become a central hub for Africa's expanding single market through an enhanced partnership with the African Export-Import Bank (Afreximbank). This renewed collaboration aims to accelerate intra-African trade and remove obstacles hindering the implementation of the African Continental Free Trade Area (AfCFTA).

The deepened partnership was reaffirmed during a visit by Afreximbank President Dr. George Elombi to the Comptroller-General of Customs, Adewale Adeniyi, in Abuja. The meeting occurred as African governments increasingly focus on the AfCFTA, a pact projected to create a market of over 1.4 billion people with a Gross Domestic Product exceeding $3.4 trillion.

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We are building a partnership between the two sides, a partnership founded on a single conviction: that Africa’s best trading partners are within Africa itself, and our prosperity will be built on the trade we conduct within ourselves.

Discussions focused on expanding trade facilitation, harmonizing customs procedures, strengthening regional transit systems, and creating mechanisms for easier and more efficient cross-border trade. Adeniyi emphasized a shared belief that Africa's prosperity will be driven by trade among its own countries, rather than reliance on external markets. "We are building a partnership between the two sides, a partnership founded on a single conviction: that Africa’s best trading partners are within Africa itself, and our prosperity will be built on the trade we conduct within ourselves," he stated.

The collaboration will support Afreximbank’s regional transit initiatives, expedite the development of one-stop border posts along key trade corridors, and promote global best practices in customs administration. The Nigeria Customs Service has already seen positive results from the bank's support for regional transit systems, with improved coordination and cooperation among customs administrations. This partnership is expected to enhance Africa's competitiveness and broaden opportunities for legitimate trade.

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The support that Afreximbank has extended to regional transit systems is already yielding positive outcomes. We are seeing better coordination, improved processes and stronger cooperation among customs administrations.