Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and the Secretary-General of the African Continental Free Trade Area Secretariat, Wamkele Mene, have urged African countries to accelerate trade in digitally delivered services, describing the continent’s $180bn digital economy as a major untapped opportunity for growth, investment and economic integration.
They made the call on Wednesday at the second edition of the AfCFTA Digital Trade Forum held in Lagos, where policymakers and business leaders discussed practical steps to implement the AfCFTA Protocol on Digital Trade.
Speaking at the forum, Oduwole said Africa had yet to harness the full potential of digital services despite the opportunities created by the AfCFTA’s market of more than 1.4 billion people with a combined Gross Domestic Product exceeding $3tn.
She noted that only five per cent of Africa’s digitally delivered services were traded within the continent. “Today, only five per cent of Africa’s digitally delivered services are traded within the continent. That represents an extraordinary, untapped opportunity for intra-African trade, investment and digital transformation,” Oduwole said.
The minister said digital trade would enable African businesses to reach new markets, expand across borders and compete globally, stressing that Nigeria became a co-champion of the AfCFTA Protocol on Digital Trade because of its potential to accelerate the continent’s economic transformation.
