Finance Minister Taiwo Oyedele stated that the framework will integrate Nigeria's international and regional trade commitments. He emphasized the importance of addressing domestic policy inconsistencies to facilitate deeper economic cooperation with other countries and unlock the potential of the African Continental Free Trade Area (AfCFTA).
Oyedele highlighted the need for Africa to enhance its internal competitiveness, suggesting it should not be easier to import goods from outside the continent than from within. He noted that fragmented markets and non-tariff barriers hinder trade, and that clearer standards, harmonized rules, and supporting infrastructure are crucial for the AfCFTA's success.
Nigeria is also implementing a national single window to streamline border procedures through technology, though this is still in progress. The government plans to coordinate policies on tariffs, energy, logistics, and agriculture to strengthen domestic production and intra-African trade. Oyedele stressed that tariff protection should be strategic and phased out carefully to avoid burdening consumers.
He pointed to recent reforms, such as the removal of fuel subsidies and foreign-exchange adjustments, as examples of the importance of policy sequencing and public communication. Oyedele added that building trust is essential for attracting capital, stating, "Capital follows trust before it follows returns."
Reforms need to be designed with clear outcomes, embedded in institutions, and accompanied by measures to protect vulnerable households. Nigeria's cash-transfer program and education support initiatives are examples of such measures. Oyedele believes these reforms lay the groundwork for more inclusive growth and job creation.