Abuja: The Federal Government has inaugurated the Nigeria-East/Southern Africa Market Intelligence Tool (MIT) to enhance Nigeria's leadership in trade and boost competitiveness under the African Continental Free Trade Area (AfCFTA).
According to News Agency of Nigeria, Dr. Jumoke Oduwole, Minister of Trade, Industry and Investment, highlighted during the inauguration in Abuja that this initiative aims to ensure the effectiveness of Nigeria's participation in the AfCFTA. The government is also working to strengthen partnerships between Nigerian business groups and Uganda Airlines to unlock new market opportunities for Nigerian businesses.
Dr. Oduwole emphasized that the MIT is a strategic initiative to provide Nigerian businesses with comprehensive market insights, particularly in the agriculture, cosmetics, and textile sectors. This tool is designed to empower businesses with data, insights, and confidence to explore new African markets.
The minister announced a formalized partnership between Uganda Airlines and the Nigerian Business Association, ensuring the corridor is actively used and optimized. She stated that Nigeria is committed to leading Africa's trade renaissance, aiming to capitalize on the continent's $3.4 trillion market.
Dr. Oduwole further explained that the success of this initiative will be measured by increased exports, expanded businesses, and transformed lives. The MIT, developed in collaboration with the United Nations Development Programme (UNDP), offers sector-specific insights and regulatory requirements to meet import standards in various sectors.
The minister noted Nigeria's readiness to lead in knowledge integration, as the AfCFTA central coordinating authority recently reaffirmed Nigeria's commitment to its implementation. Additionally, the Nigeria-East/Southern Africa Air Cargo Corridor was launched, offering discounts and connecting Nigeria with key destinations in eastern and southern Africa.
The initiative, supported by Uganda Airlines and the UNDP, aims to empower Nigerian businesses, especially women-led MSMEs, by providing real-time trade insights and enhanced export logistics. This positions Nigeria as a continental trade leader.
The inauguration follows President Bola Tinubu's approval of the AfCFTA tariff schedule, allowing Nigerian businesses to trade under preferential conditions. Dr. Oduwole emphasized the administration's commitment to transforming the economy and shifting the structure of exports.
The ministry is also working on expanding corridors to West and Central Africa, digitizing export documentation to reduce transaction times, and ensuring fast, affordable, and reliable Nigerian exports.
Amb. Nura Rimi, Permanent Secretary in the ministry, highlighted the importance of trade intelligence and logistics in transforming raw trade data into opportunities for Nigerian entrepreneurs. Mrs. Elsie Attafuah, UNDP Nigeria Resident Representative, described the intelligence tool as a 'game-changer' for exporters and encouraged stakeholders to support the initiative. Dr. Ify Ogo, UNDP Trade Expert, noted that the initiative offers insight needed for Nigerian businesses to break into eastern and southern markets.