Nigeria and Japan are in search of to unlock new commerce and funding flows beneath the African Continental Free Commerce Space (AfCFTA) following a two-day capability constructing and funding dialogue organised by the United Nations Growth Programme (UNDP) beneath the Japan Enterprise Assist (JBS) Programme.
The discussion board, “Unlocking Commerce and Funding Alternatives within the Context of AfCFTA,” held in Lagos on January 28 and 29, introduced collectively authorities officers, regulators, financiers, Japanese companies and Nigerian companies to handle coverage alignment, market readiness, financing gaps and regulatory bottlenecks constraining cross-border commerce.
Talking on the occasion, Folashade Ambrose-Medebem, Lagos State commissioner for Commerce, Cooperatives, Commerce and Funding, described the engagement as “well timed, strategic and important to Nigeria’s commerce and funding ambitions,” significantly in strengthening financial ties with Japan.
She mentioned Lagos remained Nigeria’s industrial hub and highlighted state-backed export readiness initiatives, noting that “for the primary time, 253 companies have been educated and geared up to satisfy export necessities” via a structured programme.
Talking with BusinessDay on the occasion, Zahrah Mustapha Audu, director-general of the Presidential Enabling Enterprise Setting Council (PEBEC), mentioned her workplace doesn’t interpret AfCFTA guidelines for exporters however focuses on guaranteeing that regulators ship providers effectively.
Audu urged companies to grasp regulatory necessities and use official escalation channels when discrepancies come up. “If the knowledge printed on regulators’ web sites differs from what’s being demanded of you, you possibly can escalate to PEBEC,” she mentioned, including that PEBEC additionally conducts quarterly “thriller purchasing” to independently check compliance.
She mentioned Nigeria is prepared for Japanese funding, citing coverage consistency, fiscal reforms and regulatory streamlining. “Completely, Nigeria is prepared for Japanese companies,” Audu mentioned. “It is a nice time to come back into Nigeria. We’re streamlining reforms, decreasing rules and holding ourselves accountable as a authorities.”
Offering a macroeconomic and funding outlook, Babatunde David, consulting lead at Seven Star Consultants Ltd, mentioned current reforms had improved Nigeria’s attractiveness as an AfCFTA gateway. He cited a unified international trade market, improved transparency and exterior reserves at an eight-year excessive, including that Nigeria’s inhabitants of almost 250 million provides buyers entry to each a big home market and AfCFTA’s $3.4 trillion continental market.
On AfCFTA implementation, Benedict Obhiosa, government secretary of the Producers Affiliation of Nigeria (MAN) Export Group, mentioned the settlement provided expanded market entry however warned that weak implementation and non-tariff limitations may undermine its advantages.
“The most effective factor that has occurred to Africa by way of commerce is bringing African nations into one commerce room to pursue borderless commerce,” he mentioned, whereas stressing that “non-tariff limitations are worse than tariffs.”
A panel on MSME financing underscored structural constraints limiting Nigerian companies’ skill to scale throughout borders. Foluke Alakija, managing director of Mayden Microfinance Financial institution, mentioned many MSMEs stay unbankable on account of weak documentation and compliance. “Earlier than you may get financing, it must be presentable. The enterprise itself must be bankable,” she mentioned.
From an investor perspective, Adesuwa Okunbo-Rhodes, founding father of Aruwa Capital, cautioned companies in opposition to foreign-currency debt. “Each 5 years in Nigeria there’s a forex devaluation of some kind… If you happen to’re taking debt, please take native forex debt. Overseas forex debt has killed loads of companies,” she mentioned.
Day two of the discussion board centered on sector-led deal-making and regulatory engagement. Clare Henshaw, UNDP head of inclusive progress, mentioned Nigerian exporters usually fail to transform publicity into transactions on account of poor preparation.
“It’s not a case of Nigerians not having the best merchandise,” she mentioned, “however what occurs while you come again, coordination, certification and follow-through.”
Henshaw urged entrepreneurs to stay engaged regardless of working in tough situations, describing Nigerian enterprise homeowners as “heroes.”
Sector roundtables in agribusiness, cosmetics, trend and manufacturing featured Nigerian companies in search of Japanese partnerships for equipment, automation, know-how switch and market entry. Japanese contributors highlighted rising demand for natural, health-focused and value-added merchandise, whereas stressing the significance of high quality assurance and compliance.
Enterprise-to-government clinics with Customs, NAFDAC and logistics regulators surfaced long-standing issues round samples, testing, airport entry and prices. Customs officers reiterated that trade-related complaints submitted via official channels should be resolved inside 72 hours, whereas NAFDAC officers defended native testing and labelling necessities as consumer-protection measures aligned with international commerce guidelines.
Organisers mentioned the dialogue is a part of a $1 million Japan Supplementary Price range venture applied by UNDP throughout Nigeria, Ghana, Kenya and Tanzania, aimed toward linking African enterprises with Japanese companions and translating AfCFTA commitments into concrete commerce and funding outcomes.
