The Federal Government yesterday launched the “CrossBorder Digital Payments and Identity in Nigeria under the AfCFTA” report, urging stakeholders to unlock trade opportunities for Micro, Small and Medium Enterprises (MSMEs) to access the $3.5 trillion African Continental Free Trade Area (AfCFTA) market.

The high-level report, hosted by the Office of the Vice President in collaboration with ODI Global under the Supporting Investment and Trade in Africa (SITA) programme, was unveiled by the Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia, in Abuja.

Hadejia described the research as both timely and strategic, noting the strong coordination by the Office of the Vice President and the Ministry of Industry, Trade and Investment.

He said the cross-border payments report followed earlier milestones, including the development and launch of Nigeria’s Digital Trade Strategy and a capacity-building programme for subnational leaders.

According to him, Nigeria is increasingly assuming a leading role in shaping the digital trade agenda across the African continent, necessitating that the country remains at the forefront of AfCFTA implementation.

He noted that deepening engagement with AfCFTA and enabling businesses, particularly SMEs, to conduct seamless cross-border transactions would be critical to unlocking trade, fostering growth, and creating jobs.

He further stated that efficient cross-border payments, supported by trusted digital identity systems as recommended in the report, would be key to realising President Bola Tinubu’s Renewed Hope vision for Nigerian MSMEs.

Hadejia also said while the report identifies the Pan-African Payment and Settlement System as a critical platform for cross-border digital payments, Nigerian fintech firms such as PalmPay and Moniepoint, which have some of the largest and most active user bases, will play a pivotal role in driving adoption.