Providing details of the $1bn AfCFTA Adjustment Fund Credit Facility, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, said that the facility is targeted at large African businesses with a minimum financing capacity of $10m.
” Many African countries have lost market share in key international markets and face increasing trade barriers. We have to build a strong domestic market within Africa because our future growth lies here on the continent,” he said
The revisions are intended to align the programme with the South African Automotive Master Plan 2035, which aims to raise output to about 1.4 million vehicles a year, deepen localisation and support the transition to electric mobility.
They made the call in a motion titled, “Urgent Need to revive the Textile Industries in Nigeria with particular reference to the Kaduna-Kano axis.”
Nigeria requires an estimated 100,000 megawatts of electricity to effectively power its economy but currently generates only about 4,000 to 5,000 megawatts.
Sanwo-Olu emphasised that Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.
Among the aromatic plants identified for development were lemongrass, basil, mint, citronella, clove and cinnamon, all of which have significant commercial value and wide-ranging applications in the food, pharmaceutical, cosmetics, perfumery and herbal medicine industries.
Nigeria possesses significant deposits of critical minerals required for semiconductor manufacturing, including silicon, quartz, columbite, lithium, and rare earth elements, which provide the country with a strong foundation for developing a local semiconductor industry.
Speaking on the development, Vice President of oil and gas at Dangote Industries Limited, Devakumar Edwin, said the refinery plans to expand its processing capacity to 1.4 million bpd within the next 30 months
A major highlight of the summit’s was the inauguration of the Finance Taskforce for Plastic Action in Nigeria, established to mobilise investment and accelerate financing for plastics circularity, recycling infrastructure and sustainable waste management across the country.
