President Bola Tinubu officially opened the Afreximbank African Trade Centre (AATC) in Abuja, signaling a commitment to building a more interconnected and prosperous Africa.
Represented by Sen. George Akume, the Secretary to the Government of the Federation, Tinubu emphasized the need for greater collaboration and efforts to unlock new trade corridors across the continent.
Focus on Empowering SMEs and Women-Led Businesses
Tinubu highlighted the importance of reducing Africa’s reliance on imports. To achieve this, he urged governments across the continent to focus on empowering small businesses and women-led enterprises by providing them with better access to finance and markets. Moreover, he stressed that leveraging digital technology is crucial for streamlining cross-border trade, thus reducing inefficiencies and enhancing business growth.
A Key Milestone for Nigeria’s Development Goals
“The AATC in Abuja aligns with our 8-point agenda, particularly in areas such as job creation, economic diversification, and regional integration,” Tinubu remarked. Additionally, he pointed out that the ongoing efforts to promote intra-African trade would be instrumental in ensuring that the benefits of growth are shared throughout the continent, benefiting citizens in all African nations.
Afreximbank’s Impact on Trade Finance
Afreximbank President, Prof. Benedict Oramah, addressed the significance of the bank’s role in enhancing trade across Africa. According to Oramah, the bank has already provided over $20 billion in trade finance facilities to facilitate intra-African trade. Looking ahead, the bank plans to double this amount by 2026, further strengthening trade relations across the continent.
The AATC: A Multi-Purpose Hub for Trade and Innovation
Oramah explained that the AATC in Abuja is the first of several planned centres across Africa and the Caribbean. These centres will serve as critical hubs for trade, investment, and business development. The Abuja AATC will house a technology incubation hub, SME incubation facility, a Digital Africa Trade Gateway, as well as spaces for conferences and exhibitions.
Connecting Africa and the Caribbean
The interconnected network of AATCs will allow businesses in Africa and the Caribbean to collaborate more effectively. This digital connection will make it easier for Nigerian businesses, in particular, to engage with partners in other parts of Africa and the Caribbean, driving opportunities for growth and trade.
Expanding AATC Centres Across Africa
Several AATC centres are set to be launched in the coming years, including in Harare, Kampala, Cairo, and Yaoundé. These centres will serve as pivotal platforms for enhancing trade and integration, both within Africa and between Africa and the Caribbean.
A Hub for Innovation and Growth
Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment, emphasized that the AATC is not just for policymakers but also for African youths, women-owned businesses, and SMEs aiming for growth. She concluded, “This centre represents Africa’s path to becoming a global leader in trade, with a focus on fostering innovation and sustainable development.”
