Nigeria has taken a major step toward strengthening its position in Africa’s rapidly expanding single market, as the House of Representatives begins work on a package of 13 key commerce bills designed to modernize the country’s trade laws, boost the digital economy, and attract more investment.
At the center of the legislative drive is the African Continental Free Trade Area (AfCFTA) Domestication Bill, which aims to provide the legal framework needed for Nigeria to fully benefit from the continent-wide free trade agreement. The initiative was discussed during a public hearing organized by the House Committee on Commerce at the National Assembly in Abuja.
The proposed reforms are intended to improve the ease of doing business, eliminate regulatory barriers, encourage fair competition, strengthen professional standards, and support sustainable economic growth. Lawmakers say the legislation aligns with Nigeria’s broader economic reform agenda and is expected to create new opportunities for businesses, investors, and entrepreneurs.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, urged lawmakers to fast-track the AfCFTA bill, describing it as vital for Nigeria’s competitiveness across Africa. She noted that the AfCFTA covers more than 1.4 billion people with a combined Gross Domestic Product exceeding $3 trillion, offering significant opportunities for exports, investment, job creation, and regional value chains.
According to the minister, Nigeria has already recorded important milestones since ratifying the agreement, including submitting tariff concessions, launching digital trade initiatives, establishing implementation structures, and becoming the first AfCFTA member to ratify the Digital Trade Protocol.
Lawmakers also emphasized that the remaining commerce bills are aimed at modernizing Nigeria’s commercial laws, strengthening institutions, and positioning the country’s economy to compete more effectively in regional and global markets.
