Oduwole: Nigeria Ready to Champion Digital Trade to Unlock $712bn Market

Nigeria is poised to lead the charge in advancing digital trade across the African continent, aiming to unlock the immense potential of an industry valued at over $712 billion. Dr. Jumoke Oduwole, Nigeria's Minister of Industry, Trade and Investment, affirmed the nation's dedication to fostering a connected African Digital Single Market, aligning with the goals of the African Continental Free Trade Area (AfCFTA).

Speaking at the second edition of the AfCFTA digital trade forum in Lagos, Oduwole highlighted how digital trade is creating unprecedented pathways for African businesses to expand, export, and compete on a global scale. She noted that the AfCFTA has already established a market encompassing over 1.4 billion people with a combined GDP exceeding $3 trillion. Nigeria's commitment to championing digital trade stems from the belief that it offers a significant opportunity to rapidly leverage this agreement, enabling businesses to reach new customers and transcend national borders.

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This is why Nigeria chose to become a Co-Champion of the AfCFTA Protocol on Digital Trade. We believe this is one of the most significant opportunities to accelerate Africa’s economic integration and transformation.

"Africa already has the talent, but our task now is to create the conditions for that talent to serve a continental market," Oduwole stated, underscoring Nigeria's decision to become a Co-Champion of the AfCFTA Protocol on Digital Trade. She believes this initiative is pivotal for accelerating Africa's economic integration and transformation.

Wamkele Mene, Secretary-General of the AfCFTA Secretariat, echoed this sentiment, asserting that digital trade is not a future aspiration but a present reality in Africa. He emphasized its transformative power, rewriting possibilities for Africans and presenting substantial opportunities and benefits. Mene specifically pointed out that the digital trade protocol aims to empower often-overlooked populations, including women, young people, and rural communities. The continent's digital economy, currently valued at $180 billion (5.2 percent of GDP), is projected to reach $712 billion (8.5 percent of GDP) by 2050, highlighting the critical importance of these initiatives.

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That is our women, young people and rural communities. Africa’s digital economy is worth $180 billion (i.e. 5.2 percent) of the continent’s GDP and projected to reach US$712 billion (8.5 percent) by 2050.