Stakeholders Back Economic Reforms, Regional Trade to Boost Nigeria's Resilience
Trade Reforms, Regional Integration Critical to Nigeria's Economic Future
Nigeria's ongoing economic reforms, combined with opportunities presented by the African Continental Free Trade Area (AfCFTA), are expected to strengthen investor confidence, boost industrialisation and position the country for more resilient long-term economic growth, according to government officials and business leaders. The consensus emerged during the sixth Chief Financial Officers (CFOs) Luncheon organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI) in partnership with Forvis Mazars in Nigeria.
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The event, themed "Trade Policy, AfCFTA and the C-Suite's Growth Agenda," brought together policymakers, finance executives and trade experts to examine how Nigeria can leverage regional integration and domestic reforms to strengthen its economy amid global uncertainty.
Economic Reforms Must Support Long-Term Investment
Delivering the keynote presentation, the Special Adviser to the President on Industry, Trade and Investment, John Uwajumogu, said Nigeria must move beyond responding to economic shocks and instead build a business environment capable of attracting long-term domestic and foreign investment. He argued that structural reforms should improve competitiveness, enhance productivity and position Nigerian businesses to benefit from continental trade opportunities.
According to Uwajumogu, sustained reforms remain essential to improving the investment climate, expanding industrial capacity and creating a more resilient economy capable of withstanding global geopolitical and economic disruptions.
AfCFTA Offers New Growth Opportunities
Stakeholders at the forum identified the African Continental Free Trade Area as one of the most significant opportunities for Nigeria's economic transformation.
Tax Partner at Forvis Mazars, Peter Iwofia, said businesses should view AfCFTA as more than a tax harmonisation initiative. He explained that the agreement requires companies to rethink their regional operating models, supply chains and expansion strategies in order to compete effectively across African markets.
The AfCFTA, which creates access to a market of more than 1.4 billion people, is expected to increase intra-African trade, promote industrial development and encourage greater regional investment. Stakeholders noted that Nigerian businesses must improve efficiency and competitiveness to maximise these opportunities.
Customs, Afreximbank Deepen Trade Partnership
Separately, the Nigeria Customs Service (NCS) reaffirmed its partnership with the African Export-Import Bank (Afreximbank) to strengthen trade facilitation and accelerate implementation of AfCFTA.
During a visit by Afreximbank President Dr George Elombi to the NCS headquarters in Abuja, Comptroller-General of Customs Dr Bashir Adeniyi said stronger customs cooperation would improve regional trade, simplify border procedures and support greater economic integration across Africa.
Officials said the collaboration aims to reduce trade barriers, improve customs efficiency and facilitate smoother movement of goods across African borders.
UNDP Encourages Businesses to Tap Continental Market
The United Nations Development Programme (UNDP) also urged Nigerian entrepreneurs, particularly those in the fashion, leather and creative industries, to take advantage of opportunities created by AfCFTA.
Speaking at the Enterprise Spotlight on Fashion, Leather and Creative Industries in Lagos, UNDP Assistant Secretary-General and Regional Director for Africa Ahunna Eziakonwa called for increased investment, improved access to finance and stronger support for businesses seeking to expand into regional markets.
She noted that broader participation in continental trade could stimulate innovation, create jobs and strengthen the competitiveness of Nigerian enterprises.
Implications for Infrastructure and Investment
For investors and policymakers, stronger regional integration could support increased investment in transport infrastructure, logistics, industrial parks, ports and cross-border trade corridors.
Improved trade connectivity under AfCFTA is expected to enhance supply chains, expand manufacturing capacity and create additional demand for industrial and commercial real estate. Greater investment in infrastructure will also be critical to reducing logistics costs and improving Nigeria's competitiveness within the continental market.
Industry analysts say aligning domestic reforms with regional trade objectives could accelerate economic diversification while supporting employment and private sector growth.
Looking Ahead
Stakeholders agreed that sustained economic reforms, improved trade policies and effective implementation of AfCFTA will be central to strengthening Nigeria's resilience in an increasingly competitive global economy.
As government agencies, financial institutions and private businesses deepen collaboration, successful execution of reform initiatives will determine how effectively Nigeria captures new opportunities in continental trade, attracts long-term investment and accelerates inclusive economic growth.
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