African Finance Corporation supports Nigeria's broader African trade corridors

The African Finance Corporation President believes that such initiatives are essential for giving life to the African Continental Free Trade Agreement, and that companies should take advantage of the opportunities presented, as the government has made the necessary pronouncements, but it is up to companies to make it work.

Zubairu urged businesses to utilize financing opportunities available through commercial banks across the continent to capitalize on the expanded market, emphasizing that numerous banks in Nigeria and the region are willing to provide support.

He added that while the African Finance Corporation is an infrastructure and industrial bank, not a trade bank, it can still support banks with trade lines if required, encouraging companies to seek support from banks and pursue the available opportunities.

The Federal Ministry of Industry, Trade and Investment recently launched the expanded Nigeria-East and Southern Africa Air Cargo Corridor in partnership with RwandAir, as part of Nigeria's implementation of the AfCFTA, opening new export routes to Kigali, Rwanda; Lusaka, Zambia; and Harare, Zimbabwe.

The initiative also provides an additional carrier for exporters shipping goods to Nairobi, Kenya, and Johannesburg, South Africa, with exporters holding an AfCFTA Certificate of Origin issued by the Nigeria Customs Service eligible for cargo rates of less than $2 per kilogramme across the five destinations.

This represents a significant reduction from previous rates of between $3 and $10 per kilogramme, according to the ministry, which aims to make it easier and cheaper for Nigerian businesses to trade across Africa.

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, stated that the expanded corridor will increase options for exporters to compete, with the goal of making it easier and cheaper for Nigerian businesses to trade across Africa, at the inauguration on June 19.

Dr Oduwole noted that the air cargo corridor recorded a 40 per cent increase in export volumes within its first year after its launch in 2025 with Uganda Airlines, demonstrating growing demand for intra-African trade, and supporting exporters in sectors such as agribusiness, fashion and textiles, and light manufacturing.

The initiative also advances Nigeria's industrialisation and export diversification agenda, with eight businesses receiving AfCFTA Certificates of Origin on the day of the inauguration, showcasing the real impact of the policy on businesses and market access.