By Rasheeda Yahaya
Nigeria has urged African nations to position trade and economic cooperation as the cornerstone of Pan-African diplomacy, cautioning that international partnerships will only last if built on shared economic interests.
?The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call on Friday during the Ministerial Roundtable titled “Trade and Economic Cooperation at the Centre of Pan-African Diplomacy” at the inaugural Africa-Alamein Business Forum (Go63) in New Alamein City, Egypt.
?Addressing delegates, Enikanolaiye stressed that treating trade and diplomacy as separate tracks is a legacy of the past.
Reaffirming that Africa remains at the core of Nigeria’s foreign policy, he outlined the country's recent economic strides following reforms introduced since 2023.
These measures including the removal of fuel subsidies, foreign exchange unification, and fiscal tightening helped drive GDP growth to 4.43% in Q2 2026, brought inflation down to 15.39% in August, boosted foreign reserves to $54.86 billion by late September, and enabled a Monetary Policy Rate cut to 23%.
He also highlighted structural milestones, including the launch of the National Single Window on March 27, 2026, and the implementation of the Nigeria Tax Act on January 1, 2026, which consolidated over 60 disparate levies.
?Turning to regional integration, Enikanolaiye hailed the African Continental Free Trade Area (AfCFTA) as the continent's primary trade engine, noting its 50 ratifications and 39 active participant nations under the Guided Trade Initiative.
He confirmed that Nigeria has validated its AfCFTA Implementation Strategy, gazetted tariff concessions, submitted services commitments, and ratified the Digital Trade Protocol in November 2025.
Furthermore, a collaborative air cargo corridor with Uganda Airlines and the UNDP has already slashed regional freight costs by 50% to 75%.
?Emphasizing that trade cannot thrive without access to finance, the Minister commended the Pan-African Payment and Settlement System (PAPSS) and Afreximbank, recalling that the Central Bank of Nigeria mandated commercial banks to adopt PAPSS in April 2025 for local-currency cross-border settlements.
?To accelerate economic integration, Enikanolaiye submitted five priority recommendations for African governments:
?Embed trade facilitation as a permanent agenda item across diplomatic missions.
?Target and eliminate non-tariff barriers systematically.
?Expand dedicated trade finance facilities for SMEs, women, and young entrepreneurs.
?Accelerate investments in cross-border energy corridors, transport infrastructure, and regional value chains.
?Present a unified African stance in external global trade negotiations.
?Addressing bilateral relations with the host nation, Enikanolaiye observed that trade between Nigeria and Egypt stood at $223 million in 2025—a figure far below its true potential.
He urged both states to fully execute the outcomes of the July 2025 Nigeria-Egypt Business Forum and operationalize the proposed Joint Investment Council.
?The forum was officially opened by Egyptian Prime Minister Dr. Mostafa Madbouly, who framed the platform as an enduring dialogue bridge connecting governments, investors, and financial bodies.
Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, similarly advocated for joint cross-border initiatives, such as establishing an integrated Pan-African automotive manufacturing ecosystem.
?Organized by the Egyptian Government, Afreximbank, and AUDA-NEPAD, the Go63 Forum runs through October 4 as a permanent biennial platform designed to transform continental integration frameworks into tangible investments.
