Nigeria unveils $1 billion AfCFTA credit facility to boost exports and intra-African trade
via Punch Nigeria4 min read
The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth under the African Continental Free Trade Area AfCFTA by unveiling a $1 billion AfCFTA Adjustment Fund Credit Facility. This facility aims to boost production, competitiveness, and intra-African trade for Nigerian businesses. The Minister of Industry, Trade and Investment, Jumoke Oduwole, announced this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee in Abuja. The financing is intended to help businesses expand operations, modernize production processes, and increase exports to African markets. Oduwole acknowledged that Nigerian businesses still face challenges such as export documentation, certification, standards compliance, and market access, and stated that the government is addressing these through enhanced trade facilitation measures and collaboration with institutions like the Nigeria Customs Service and the Nigerian Export Promotion Council. She also emphasized the need to domesticate key AfCFTA protocols, including the Digital Trade Protocol. The National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, noted that the $1 billion facility is targeted at large African businesses with a minimum financing capacity of $10 million, and her office is working with fund managers to facilitate access for eligible Nigerian companies. The AfCFTA, which began trading in January 2021, is the world’
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The Minister of Works, David Umahi, has given contractors working on the Abuja-Lokoja highway rehabilitation project 72 hours to fully mobilize to their sites or face sanctions, including potential prosecution by anti-graft and law enforcement agencies. Umahi issued this ultimatum during a joint inspection of the highway with members of the Senate and House of Representatives Committees on Works. He warned that contractors who have received government funds but failed to execute projects within agreed timelines would no longer be tolerated. The Minister stated that President Bola Tinubu has approved funds for the project and urged contractors to immediately deploy equipment, personnel, and resources. Umahi expressed dissatisfaction with the pace of work by GELD Construction Limited, noting that only 8.2 kilometers of continuously reinforced concrete pavement had been completed on a 28-kilometer stretch despite the contractor spending several years on the project. He also directed Federal Ministry of Works officials to identify the worst sections for immediate intervention and warned against poor supervision, stating that engineers and project managers failing to monitor contractors effectively could be removed. Umahi lamented the hardship faced by commuters due to prolonged construction and warned contractors against obstructing traffic. While acknowledging payment delays, he appealed to the Nigerian National Petroleum Company Limited to accelerate fund release for projects f
Mrs. Bamidele Abiodun, the First Lady of Ogun State, has called for increased commitment to environmental sustainability, climate resilience, and the adoption of clean energy solutions. Speaking at the 2026 World Environment Day celebration in Abeokuta, she highlighted the negative impacts of traditional biomass fuels like firewood and charcoal, including deforestation, environmental degradation, and health risks from indoor air pollution. To address these issues, the Federal Government, in partnership with the Ogun State Government, is distributing clean cookstoves to residents. Mrs. Abiodun emphasized that these devices offer a safer, healthier, cleaner, and more efficient alternative to traditional cooking methods. The state Commissioner for Environment, Ola Oresanya, noted that Ogun State is intensifying climate action through tree-planting campaigns, ecosystem protection, and strategic partnerships. He also mentioned the promotion of Refuse Derived Fuel as a sustainable waste-to-energy solution, which converts combustible municipal solid waste into alternative fuel, reducing landfill pressure and greenhouse gas emissions. The state has distributed 3,500 clean cookstoves provided by the Federal Ministry of Environment. Dr. Iniobong Abiola-Awe, Director, Department of Climate Change, Federal Ministry of Environment, reiterated the Federal Government's initiative to make clean cookstoves available nationwide. Professor Babatunde Bada, an environmental expert, described Refu
BreakingPresident Donald Trump stated on Tuesday that the United States would respond after he accused Iran of shooting down a US military helicopter the previous night. This incident occurred hours after Trump indicated that negotiations to end the Middle East conflict were in their final stages. Mohammad Bagher Ghalibaf, Iran’s parliament speaker and chief negotiator, warned the US against breaking its "commitments." The downing of the Apache helicopter marks the second crewed aircraft Washington has confirmed was shot down by Iran during the conflict, following an F-15 fighter plane in April. This event threatens a shaky ceasefire in place since April 8, as the US and Iran negotiate an end to the conflict. Iran insists a halt to the war must include a truce in Lebanon, where Israel has been fighting Hezbollah. Despite diplomatic efforts, Israel continued attacks in Lebanon, with an airstrike on Tyre killing at least eight people and prompting an evacuation warning for the city. Oil prices fell by about five percent to below $90 a barrel following Trump's comments on the progress of negotiations, as the conflict has disrupted shipping through the Strait of Hormuz.