News

‎AfCFTA: Nigeria’s export costs to other African countries to drop 80%

‎By Providence Ayanfeoluwa

‎‎Nigeria has recorded a major breakthrough in its African Continental Free Trade Area, AfCFTA, implementation following a partnership between the Federal Ministry of Industry, Trade & Investment and RwandAir aimed at transforming regional air cargo movement and accelerating intra-African trade.

‎‎The deal, which is expected to reduce the cost of transporting Nigerian goods to key African markets, comes with cargo charges dropping from as high as $10 per kilogram to less than $2 per kilogram on major trade routes linking Nigeria to East and Southern Africa.

‎‎Under the new arrangement, Nigerian exporters will gain faster and more affordable access to strategic commercial hubs including Kigali, Harare, Lusaka, Nairobi and Johannesburg, opening fresh opportunities for businesses seeking to expand across the continent.

‎‎The initiative forms part of Nigeria’s broader AfCFTA implementation strategy focused on deepening regional trade integration, increasing non-oil export volumes and positioning Nigerian products competitively within African markets.

‎‎The agreement is also expected to stimulate growth across critical sectors of the economy, particularly agribusiness, fashion, cosmetics, processed foods and light manufacturing, while strengthening Nigeria’s position as a leading trade and production hub in Africa.