VICE PRESIDENT Kashim Shettima has urged state governments and other sub-national officials in the investment business to explore economic opportunities in intra-African trade, while focusing on the African Continental Free Trade Agreement (AFCTA).
The Vice President made the call on Friday, October 17, in Abuja, at an event organised by the Presidential Enabling Business Environment Council (PEBEC), Nigeria Governors Forum, Afreximbank and WoodHall Capital.
The event was themed: “Facilitating Intra-African Trade and Investment: Unlocking the Potential of African Direct Investments and Foreign Direct Investments for Sustainable Growth.”
Represented by Deputy Chief of Staff to the President -Office of the Vice President, Ibrahim Hassan Hadija, the Vice President decried the declining status of intra-African trade, which he said, “currently stands at 17 per cent.”
He urged the sub-nationals to utilise the market size of Nollywood, technology hubs and and the macro-economic reforms being embarked on by the current administration to grow their economy.
He said the sub-nationals had a strong role to play in intra-African trade, while urging them to also build regional power grids for electricity improvement, especially with the signing of the Electricity Act, 2023, by the President Bola Tinubu-led administration.
Earlier in her remarks, the Director-General of PEBEC, Zara Audu Mustapha, said the council was working closely with states to grow opportunities in Investments.
“African future lies in attracting investments and mobilising capital for African investments,” she said.
She added that closer economic ties between the federal and sub-national levels would strengthen opportunities for wealth creation in intra-African trade.
He further stated that the council was committed to removing bottlenecks in businesses and utilising reforms of the current administration to attract investment.
Also in her remarks, the President of Woodhall Capital, Mojisola Humponu-Wusu, reaffirmed the firm’s commitment to creating structured investment platforms that connect state-led development initiatives with domestic and international investors.
She noted that Africa’s growth story was increasingly subnational, and unlocking the potential of Nigerian states through strategic partnerships, policy alignment, and capital mobilisation, which she said was vital to achieving inclusive economic transformation.
The AfCFTA is Africa’s most ambitious economic integration project, bringing together 55 African Union (AU) member states into a single market. Officially launched in 2021, AfCFTA aims to boost intra-African trade, industrialisation, and economic diversification.
The agreement presents enormous economic opportunities with a market of 1.4 billion people and a combined gross domestic product GDP of $3.4 trillion.
However, challenges such as trade barriers, logistical inefficiencies, and currency differences hinder its full implementation.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.