The Federal Government unveiled a major report on Monday to harness digital payments and identity systems to help small businesses tap into the vast opportunities of the African Continental Free Trade Area (ACfTA) a market valued at $3.5 trillion.
The report, titled “Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA,” was launched by Ibrahim Hassan-Hadejia, Deputy Chief of Staff to President Bola Tinubu, at an event hosted by the Office of the Vice President in partnership with ODI Global’s Supporting Investment and Trade in Africa programme.
“This research is both timely and strategic,” Hassan-Hadejia said, crediting coordination from the Vice President’s office and the Federal Ministry of Industry, Trade and Investment.
He described the launch as a follow-up to recent achievements, including Nigeria’s Digital Trade Strategy and training for subnational leaders.
According to him, Nigeria is stepping up as a leader in continental digital trade, with seamless cross-border transactions essential for growth, job creation and realizing President Tinubu’s “Renewed Hope” agenda for micro, small and medium enterprises, or MSMEs.
NewsQuest reports that the report spotlights the Pan-African Payment and Settlement System as a cornerstone for digital payments, while highlighting homegrown fintech players like PalmPay and Moniepoint — with their massive user bases — as key drivers of adoption.
Efficient payments paired with reliable digital IDs, it argues, will address trust, identity and logistics hurdles, empowering small firms alongside big corporations to fuel intra-African trade.
“We must move AfCFTA beyond a continental agreement to a $3.5 trillion trade juggernaut,” Hassan-Hadejia urged, pledging federal support for infrastructure, regulations and partnerships.
Temitola Adekunle-Johnson, the President’s Special Adviser on job creation and MSMEs, called the findings a boon for the sector, paving the way for smoother market access.
Salihu Dasuki, Special Assistant on ICT policy in the Vice President’s office, revealed a new framework with partners to accelerate payments for MSMEs, tying it to last year’s subnational training under the Renewed Hope Agenda.
Shuda Ahmed, Special Assistant on project support, praised ODI Global’s research and warned that without affordable cross-border systems, MSMEs would stay hemmed in domestically.
Present at the event were representatives from AfCFTA, the National Information Technology Development Agency, the National Identity Management Commission, the Nigerian Petroleum Development Company, the Federal Competition and Consumer Protection Commission and MSME groups.
