The Federal Authorities has launched a report aimed toward unlocking alternatives for Micro, Small and Medium Enterprises (MSMEs) to entry the $3.5 trillion African Continental Free Commerce Space market by means of improved digital commerce methods.
The report, titled Cross-Border Digital Funds and Identification in Nigeria underneath the AfCFTA, was unveiled in Abuja by the Deputy Chief of Workers to the President, Ibrahim Hassan Hadejia.
The initiative was hosted by the Workplace of the Vice President in collaboration with ODI World underneath the Supporting Funding and Commerce in Africa (SITA) programme.
Hadejia described the report as well timed and strategic, noting that Nigeria is positioning itself as a pacesetter in shaping the digital commerce agenda throughout Africa.
He mentioned enabling seamless cross-border transactions for companies, particularly SMEs, is crucial to unlocking commerce, fostering {economic} progress, and creating jobs.
In accordance with him, environment friendly fee methods supported by trusted digital id frameworks will probably be key to realising the Renewed Hope imaginative and prescient of President Bola Ahmed Tinubu for Nigerian MSMEs.
He added that platforms such because the Pan-African Cost and Settlement System, alongside Nigerian fintech corporations like PalmPay and Moniepoint, will play a significant function in driving adoption of cross-border digital funds.
Hadejia assured that the federal government stays dedicated to strengthening infrastructure, regulatory frameworks, and partnerships to assist Nigeria’s management in digital commerce.
Additionally talking, the Particular Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, mentioned the report would considerably strengthen the MSME ecosystem.
He famous that cross-border funds in Africa have traditionally been inefficient and casual however mentioned improvements such because the {Bank} Verification Quantity and Nationwide Identification Quantity methods are reworking the panorama.
Particular Assistant to the President on ICT Coverage, Salihu Dasuki, disclosed that frameworks are being developed to fast-track seamless cross-border funds for MSMEs.
Equally, Particular Assistant to the President on Undertaking Assist, Shuda Ahmed, emphasised that reasonably priced and environment friendly fee methods are important for MSMEs to scale past home markets.
The occasion was attended by stakeholders together with representatives of AfCFTA, the Nationwide Info Expertise Improvement Company, Nationwide Identification Administration Fee, and the Federal Competitors and Client Safety Fee.
By Deji Elumoye
Times Nigeria