Nigeria has called on African countries to place trade and economic cooperation at the heart of Pan-African diplomacy, stressing that continental partnerships would be more sustainable when anchored on shared economic interests.
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, made the call on Friday, October 2, 2026, while speaking at a ministerial roundtable on “Trade and Economic Cooperation at the Centre of Pan-African Diplomacy” at the inaugural Africa-Alamein Business Forum (Go63) in New Alamein City, Egypt.
Enikanolaiye said Africa could no longer afford to treat trade and diplomacy as separate areas of engagement, noting that economic interests should increasingly shape the continent’s diplomatic partnerships.
“For too long, we treated trade and diplomacy as separate tracks. Our partnerships endure only when they rest on shared economic interests,” he said, while reaffirming that Africa remains the centrepiece of Nigeria’s foreign policy.
The minister highlighted economic reforms undertaken by Nigeria since 2023, including the removal of fuel subsidy, foreign exchange unification and fiscal strengthening, which he said had contributed to economic growth and improved macroeconomic indicators.
He cited 4.43 per cent growth in the second quarter of 2026, a decline in inflation to 15.39 per cent in August, foreign exchange reserves of $54.86 billion as of September 24, and a reduction of the Monetary Policy Rate to 23 per cent.
He also pointed to the launch of Nigeria’s National Single Window on March 27, 2026, and the Nigeria Tax Act, which consolidated more than 60 levies and took effect on January 1, 2026, as part of efforts to improve the country’s business and trade environment.
On the African Continental Free Trade Area (AfCFTA), Enikanolaiye described the agreement as Africa’s most important trade instrument, noting that 50 countries had ratified it while 39 countries were participating in the Guided Trade Initiative.
He said Nigeria had validated its AfCFTA Implementation Strategy, gazetted its tariff concessions, submitted commitments on trade in services and ratified the Digital Trade Protocol in November 2025.
According to him, a new air cargo corridor involving Uganda Airlines and the United Nations Development Programme had also reduced freight costs by between 50 and 75 per cent.
The minister stressed that increased trade would require accessible financing, welcoming the roles of the African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS).
He disclosed that the Central Bank of Nigeria had directed banks to adopt PAPSS from April 2025 to facilitate local-currency settlement for cross-border transactions.
Enikanolaiye proposed five priority areas for strengthening Africa’s trade diplomacy: making trade facilitation a standing item in diplomatic engagements, addressing non-tariff barriers, expanding trade finance for small and medium-sized enterprises, women and young people, investing in transport and energy corridors and regional value chains, and presenting a common African position in external trade negotiations.
Turning to Nigeria-Egypt relations, the minister said bilateral trade, valued at $223 million in 2025, remained below its potential.
He therefore called for the implementation of agreements reached at the July 2025 Nigeria-Egypt Business Forum, as well as progress on the proposed Joint Investment Council.
Earlier, Egyptian Prime Minister, Dr. Mostafa Madbouly, declared the forum open, describing it as a sustainable platform for dialogue involving governments, the private sector and financial institutions.
Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, also called for greater African cooperation towards the development of an integrated continental automotive industry.
The Go63 Africa-Alamein Business Forum, organised by the Government of Egypt in collaboration with Afreximbank and AUDA-NEPAD, is scheduled to run until October 4, 2026.
The forum is designed as a permanent biennial platform aimed at translating Africa’s economic integration objectives into concrete investments and stronger continental business partnerships.
