Citibank Urges W’African Leaders to Deepen Regional Trade Under AfCFTA

• Explores investment opportunities in Nigeria’s blue economy 

•Oyetola says Nigeria open for business

Nume Ekeghe in Lagos and Kasim Sumaina in Abuja

Citibank has rallied policymakers, regulators and business leaders across West Africa to accelerate efforts aimed at deepening regional trade and unlocking the full potential of the African Continental Free Trade Area (AfCFTA).

The bank disclosed this in a statement following its high-level Business Symposium themed: “Broadening Trade Flows within West Africa’s Main Corridors under the African Continental Free Trade Area (AfCFTA)”, which brought together senior public and private sector leaders from Nigeria, Ghana and Côte d’Ivoire.

According to the statement, discussions at the forum focused on practical measures to strengthen trade corridors, address implementation challenges and create new opportunities for cross-border commerce.

Speaking at the symposium, the Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Lamido Yuguda, said efficient financial intermediation would be critical to scaling trade across the continent.

“As intra-African trade scales under AfCFTA, the efficiency of financial intermediation will play a pivotal role. Strengthening cross-border payment systems, improving FX market functionality, and deepening access to trade finance are essential to reducing transaction costs and enabling smoother trade flows. The Central Bank of Nigeria will continue to support initiatives that enhance financial stability while promoting greater regional integration,” he said.

Yuguda added that central banks must continue to build sound payment and trade systems while expanding access to finance for businesses operating across borders.

Also speaking, the Minister of State for Industry, Senator John Owan Enoh, said AfCFTA presents a major opportunity for Nigeria to expand its industrial base and increase exports to regional markets.

“AfCFTA presents a significant opportunity to accelerate Nigeria’s industrial growth and expand market access for our businesses. Our focus is on strengthening the competitiveness of Nigerian industries, improving the ease of doing business, and implementing policies that support export growth and regional value chains.

“Through sustained collaboration with the private sector, we are positioning Nigeria to play a leading role as a net exporter of manufactured goods and a driver of intra-African trade and economic integration.”

The minister urged African countries to move beyond exporting raw materials and focus on value-added production, describing industrial policy as a critical missing link in unlocking greater value from the continent’s resources.

Enoh also highlighted the strategic importance of the Lagos-Abidjan corridor, particularly for industries such as cocoa, noting that the transition from exporting raw cocoa beans to producing branded chocolate would help African economies capture more value locally.

Representatives of Ghana and Côte d’Ivoire echoed similar concerns, calling for stronger regional cooperation to address non-tariff barriers, improve connectivity and harmonise standards across the region.

The Ambassador of Côte d’Ivoire to Nigeria, Kalilou Traoré, noted that while AfCFTA seeks to create a market of more than 1.3 billion people, challenges such as inadequate infrastructure, fragmented regulations and limited financing continue to slow progress.

Similarly, Ghana’s Deputy High Commissioner to Nigeria, Dr. Gladys Mansa Yawa Feddy Akyea, said the true measure of AfCFTA’s success would be its ability to facilitate trade, mobilise finance, improve connectivity and strengthen regional value chains.

According to Managing Director and Chief Executive Officer of Citibank Nigeria Limited, Nneka Enwereji, Nigeria remains central to the success of AfCFTA and presents significant opportunities for businesses seeking regional expansion.

“Nigeria plays a pivotal role in the success of the African Continental Free Trade Area (AfCFTA), presenting significant opportunities for businesses. The AfCFTA aims to facilitate the efficient cross-border movement of goods, capital, and payments. Citi is committed to providing practical financial solutions that empower our clients to expand regionally and enhance their competitiveness in new markets,” Enwereji said.

The statement added that discussions also identified customs bureaucracy, fragmented standards, limited currency convertibility and the continent’s persistent trade finance gap as major constraints to intra-African trade.

Meanwhile, the Minister of Marine and Blue Economy, Adegboyega Oyetola, yesterday reaffirmed that Nigeria is open for business, structural transformation, and strategic international partnerships capable of unlocking the vast potential of the nation’s marine and blue economy.

The minister made this known during a visit by a high-level delegation from Citibank, led by Akin Dawodu, Citibank’s Sub-Cluster and Banking Head for Sub-Saharan Africa (SSA), and  Enwereji, Managing Director of Citibank Nigeria, at the Ministry’s headquarters in Abuja.

Oyetola underscored the federal government’s commitment to accelerating the development of Nigeria’s marine and blue economy as a key pillar of national economic diversification and sustainable growth.

He noted that Nigeria possesses immense maritime assets, including: 853-kilometre coastline, over 10,000 kilometres of inland waterways, and a 200-nautical-mile Exclusive Economic Zone (EEZ), all of which present significant opportunities for investment, job creation, trade expansion, and industrial development.

According to him, the administration of President Bola Tinubu remains committed to implementing far-reaching reforms that will leverage these natural endowments to attract global capital, strengthen infrastructure, and drive inclusive economic prosperity.

The minister in a statement issued by Director, Information & Public Relations, Anastasia Ogbonna, noted that as part of ongoing efforts to modernise the nation’s port infrastructure, rehabilitation contracts have been awarded for the Eastern Ports—Port Harcourt, Warri, and Calabar—complementing the extensive modernisation already underway at the Western Ports of Apapa and TinCan Island.

He revealed that the government was facilitating the development of at least six deep sea port projects, including: Badagry, Ondo, Ibom, and Bonny, through Public-Private Partnership (PPP) arrangements. Under this framework, sub-national governments, he said, are expected to drive commercial investments, while the Federal Government provides the enabling regulatory and licensing environment.

Beyond infrastructure development, Oyetola invited targeted investments in critical blue economy sectors, particularly fisheries, aquaculture and maritime security.

He observed that Nigeria currently produces approximately 1.4 million metric tonnes of fish annually, while national demand exceeds production by about 1.83 million metric tonnes. This gap, he said, presents substantial investment opportunities across the fisheries value chain, including: sustainable aquaculture, fish processing, cold-chain logistics, and export-oriented production.

Speaking on behalf of the delegation, Dawodu commended the ministry’s bold vision and reform-driven agenda, expressing Citibank’s strong interest in supporting emerging opportunities within Nigeria’s marine and blue economy.

The delegation also indicated its willingness to deepen engagement with the Nigerian Maritime Administration and Safety Agency (NIMASA) on upcoming capital-intensive projects, building on recent interactions with leading global maritime stakeholders, such as the Mediterranean Shipping Company (MSC).