CUSTOMS, AFREXIMBANK FORGE FRESH ALLIANCE TO UNLOCK AFRICA'S $3.4TN MARKET

The Nigeria Customs Service (NCS) and the African Export-Import Bank (Afreximbank) have signed a new strategic alliance aimed at simplifying trade procedures and unlocking the full potential of Africa’s $3.4 trillion market under the African Continental Free Trade Area (AfCFTA).

The partnership focuses on modernising customs operations, enhancing trade finance, and reducing non-tariff barriers to facilitate seamless intra-African commerce. NCS Comptroller-General, Mr. Bashir Adewale Adeniyi, described the collaboration as a game-changer for Nigeria and the continent. “Efficient customs systems are critical to realising the AfCFTA dream,” he said.

Afreximbank officials expressed optimism that the alliance would boost export competitiveness, support small and medium enterprises, and drive economic integration. The agreement includes capacity-building programmes and technology deployment for faster clearance processes.

The development is expected to significantly improve Nigeria’s trade performance and contribute to the broader African economic integration agenda.

Stakeholders have welcomed the partnership, viewing it as a timely intervention to address long-standing bottlenecks in cross-border trade.