Nigeria’s Push to Become Africa’s Trade Hub Gets a Boost with $120m African Trade Centre

Nigeria’s ambition to lead intra-African trade has taken a major leap with the unveiling of the $120 million African Trade Centre (AATC) by Afreximbank in Abuja. This landmark project is the first of seven such centres planned across the continent and is designed to fast-track trade within Africa, foster deeper regional partnerships, and support Nigeria’s goal of becoming a regional economic powerhouse.

The AATC is part of Afreximbank’s efforts to support the African Continental Free Trade Area (AfCFTA). Despite a drop in the continent’s growth rate to 3.2% in 2023, and a slowdown in intra-African trade to the same figure from 10.9% the previous year, Afreximbank remains focused on building trade resilience. The centre is built to be more than just a structure—it’s a hub for business, innovation, and trade policy. It aims to bring together policymakers, financial institutions, and businesses under one roof to shape the future of African trade.

The Abuja AATC, constructed on a 5,856-square-metre plot, features two nine-storey towers. These include office spaces for trade policy bodies and financial institutions, a technology incubation hub, SME support services, and a 148-room business hotel. Other facilities include meeting rooms, a wellness centre, a restaurant, and a trade information services hub—giving businesses access to market intelligence and strategic data. The entire structure is built with sustainability in mind and is on track to receive LEED certification, making it one of the few eco-friendly commercial buildings in West Africa.

This flagship project will play a key role in digital commerce through Afreximbank’s Digital Africa Trade Gateway, which simplifies customs processes, payments, and trade documentation. According to Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, the AATC is crucial for implementing AfCFTA and boosting entrepreneurship and investment within Nigeria.

At the commissioning ceremony, President Bola Tinubu, represented by Dr. George Akume, highlighted the centre’s role in advancing Nigeria’s economic goals, including job creation and economic diversification. He praised Afreximbank’s dedication to removing trade barriers and boosting Africa’s competitiveness through projects like the AfCFTA Adjustment Fund, the Pan-African Payment and Settlement System (PAPSS), and trade finance programmes.

Afreximbank’s President, Prof. Benedict Oramah, revealed that the AATC in Abuja marks the beginning of a network of trade centres, some of which will be franchised across Africa and even in the Caribbean. He described the centre as a “lighthouse” guiding the flow of investment and trade within the continent. He also thanked the Nigerian government for its long-standing support of Afreximbank’s mission.