Nigeria has called on African countries to place trade and economic cooperation at the centre of Pan-African diplomacy, saying sustainable partnerships must be driven by shared economic interests.
Nigeria’s Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call at the Ministerial Roundtable on Trade and Economic Cooperation at the Centre of Pan-African Diplomacy during the inaugural Africa-Alamein Business Forum (Go63) in New Alamein City, Egypt.
According to a statement by the Special Assistant on Media and Strategic Communications to the Minister of State for Foreign Affairs, Richard Elesho, Enikanolaiye said; “Africa must move beyond traditional diplomatic engagements and prioritise economic partnerships that deliver tangible benefits to its people.”
“For too long, we treated trade and diplomacy as separate tracks. Our partnerships endure only when they rest on shared economic interests,” he said.
The Minister reaffirmed that Africa remained the centrepiece of Nigeria’s foreign policy, noting that “the country’s economic reforms since 2023 were aimed at strengthening its economic resilience and creating opportunities for investment and trade.”
He highlighted the removal of fuel subsidies, foreign exchange unification and fiscal strengthening, which he said had contributed to economic growth of 4.43 per cent in the second quarter of 2026, while inflation declined to 15.39 per cent in August.
Enikanolaiye also disclosed that Nigeria’s foreign reserves stood at 54.86 billion dollars as of September 24, 2026, while the Monetary Policy Rate had been reduced to 23 per cent.
On trade facilitation, he highlighted the launch of Nigeria’s National Single Window on March 27, 2026, and the implementation of the Nigeria Tax Act, which consolidated more than 60 levies.
Speaking on the African Continental Free Trade Area (AfCFTA), the Minister described it as the continent’s most important trade instrument, noting that 50 countries had ratified the agreement, while 39 were participating in the Guided Trade Initiative.
He said Nigeria had validated its AfCFTA Implementation Strategy, gazetted its tariff concessions, submitted services commitments and ratified the Digital Trade Protocol in November 2025.
Enikanolaiye further disclosed that a new air cargo corridor established in partnership with Uganda Airlines and the United Nations Development Programme had reduced freight costs by between 50 and 75 per cent.
The Minister emphasised the need for accessible trade financing, particularly for small and medium-sized enterprises, women and young entrepreneurs, while acknowledging the contributions of Afreximbank and the Pan-African Payment and Settlement System (PAPSS) to regional economic integration.
He said the Central Bank of Nigeria had directed banks to adopt PAPSS from April 2025 to facilitate cross-border transactions using local currencies.
Enikanolaiye outlined five priority actions for African countries, including making trade facilitation a standing item in diplomatic engagements, addressing non-tariff barriers, expanding trade finance, investing in transport and energy corridors, and presenting a common position in external trade negotiations.
On Nigeria-Egypt relations, he said bilateral trade, valued at 223 million dollars in 2025, remained below its potential, urging both countries to implement agreements reached at the July 2025 Nigeria-Egypt Business Forum.
He also called for progress on the proposed Nigeria-Egypt Joint Investment Council to strengthen commercial relations and promote investment opportunities between the two countries.
Earlier, Egyptian Prime Minister Mostafa Madbouly, who officially opened the forum, described it as a sustainable platform for dialogue among governments, the private sector and financial institutions.
Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, also called for stronger African economic cooperation, particularly in building an integrated continental automotive industry.
The Africa-Alamein Business Forum, organised by Egypt in collaboration with Afreximbank and AUDA-NEPAD, will run until October 4, 2026, as a permanent biennial platform designed to translate African integration goals into concrete investments.
