Abuja, Nigeria – President Bola Ahmed Tinubu has officially opened the Afreximbank Africa Trade Centre in Abuja, a multi-million-dollar project financed by the African Export-Import Bank. The move is being touted as a significant step towards boosting intra-African trade and solidifying Nigeria’s position as a leading commercial hub on the continent, yet questions remain about its practical impact and whether it will truly benefit local businesses.
During the commissioning ceremony, Tinubu hailed the centre as a symbol of “shared vision for a thriving and self-reliant Africa.” The facility boasts modern office spaces, trade facilitation services, and conference facilities aimed at supporting African SMEs and promoting cross-border trade.
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Afreximbank President Prof. Benedict Oramah echoed this sentiment, emphasizing the centre’s role in “de-risking African trade” and reducing reliance on raw material exports. The bank aims to increase intra-African trade to $250 billion annually.
However, analysts are cautiously optimistic. While the African Continental Free Trade Area (AfCFTA) holds immense potential, significant challenges remain, including infrastructure deficits, bureaucratic hurdles, and non-tariff barriers. Whether the new trade center can effectively address these issues remains to be seen.
“The Afreximbank Trade Centre is a welcome development, but it’s just one piece of the puzzle,” says Lagos-based trade consultant, Mustapha Adebayo. “For AfCFTA to truly succeed, we need to see concrete reforms in customs procedures, transportation networks, and regulatory frameworks across the continent.”
Moreover, concerns persist about whether the benefits of increased trade will be equitably distributed. Critics argue that large corporations and politically connected entities are more likely to profit from AfCFTA than small-scale entrepreneurs.
Tinubu has pledged his administration’s commitment to empowering local industries and enhancing trade competitiveness. However, concrete policies and tangible results will be necessary to convince skeptics that Nigeria is serious about creating a level playing field.
The success of the Afreximbank Trade Centre, and indeed Nigeria’s broader ambitions within AfCFTA, will depend on its ability to translate rhetoric into reality and ensure that the benefits of increased trade reach all segments of society. The international community will be closely monitoring Nigeria’s progress in overcoming these challenges.
