Oduwole: Nigeria Ready to Champion Digital Trade to Unlock $712bn Market

Oluchi Chibuzor

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has said that the country will continue to champion digital trade on the continent to unlock the potential of the industry worth over $712 billion.

This is as the Secretary-General, AfCFTA Secretariat, has called on the continent to work towards reducing the high cost of data in Africa.

Speaking at the second edition of the AfCFTA digital trade forum, held in Lagos yesterday, Oduwole, said that digital trade is opening new pathways for African businesses to grow, export and compete.

The event themed, ‘Digital Trade for a Connected African Market’, according to the Minister, reflects Nigeria’s shared commitment to building a truly integrated African Digital Single Market.

She explained that Nigeria chose to lead on digital trade, explaining that AfCFTA has created a market of more than 1.4 billion people with a combined GDP of over US$3 trillion.  

Oduwole acknowledged that digital trade presents a huge opportunity to rapidly leverage this agreement, stressing it enables businesses to reach new customers, expand beyond national borders and compete in traditional and new sectors. 

She pointed out that Africa already has the talent, but warned that the continent’s task now is to create the conditions for that talent to serve a continental market.

According to her, “This is why Nigeria chose to become a Co-Champion of the AfCFTA Protocol on Digital Trade. We believe this is one of the most significant opportunities to accelerate Africa’s economic integration and transformation.” 

On his part, the Secretary-General, AfCFTA Secretariat, Wamkele Mene, said that digital trade is not a distant dream in Africa. 

He affirmed that it is happening right now, noting it is rewriting what is possible for Africans and presenting significant opportunities and benefits for our people.

He noted that the protocol on digital Trade seeks to benefit people who are often overlooked. 

“That is our women, young people and rural communities. Africa’s digital economy is worth $180 billion (i.e. 5.2 percent) of the continent’s GDP and projected to reach US$712 billion (8.5 percent) by 2050,” he said.