Business
Buhari Seeks Single Market In Africa …To Create Jobs, Reduce Poverty
President Muhammadu Buhari has canvassed for the speedy establishment of a single, unified market in Africa to increase trade, create more jobs and reduce poverty.
The President made the call while presenting Nigeria’s position in favour of the Report on the establishment of a Continental Free Trade Area (CFTA) and related issues presented by President Mahamadou Issoufou of Niger Republic.
The President’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu, said the president made the presentation during the 30th Ordinary Session of the Assembly of Heads of State and Government in Addis Ababa, Ethiopia.
President Buhari said: “It is Nigeria’s position that as African leaders and principal architects of our Union, we must now speed up action to conclude the negotiations and establish the CFTA.”
He noted that the continent had missed the timeline set by the African Union (AU) in January 2012 to establish the CFTA in 2017.
The President, however, stated that African leaders still had the opportunity to set it up by March 2018.
While justifying Nigeria’s vote for the CFTA, the President said: “In a rapidly changing global economy, with much uncertainty, we believe that the establishment of a CFTA would provide Africa with tremendous opportunity to achieve significant growth driven by intra-African trade.”
According to him, while the stakes in setting up CFTA are no doubt very high, the benefits are wide-ranging and significant.
“The primary objective is economic namely, for trade in goods and services on the continent.
“A single, unified market would lead to a comprehensive and mutually beneficial trade agreement amongst African Union Member States.
“If we integrate Africa’s market for trade in goods and services, we will not only double intra-African trade, but also negotiate with other regions or continents on trade matters,’’ he said.
President Buhari argued further that, “If we increase our trade, we grow faster, create more jobs and reduce poverty. Thus, with CFTA, our continent will be more integrated, united and prosperous.”
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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