CBN AND WTO LEADERS WRAP UP ABUJA FORUM WITH PUSH FOR DIGITAL TRADE AND SME FINANCING

The 7th Africa Emerging Markets Forum ended today at the Central Bank of Nigeria headquarters with Nigeria putting its economic reform agenda on full display before African and global leaders. 

For two days, Abuja became the meeting point for central bankers, finance ministers, trade experts, fintech founders, and development partners all asking the same question: how do African economies stay stable when the world keeps shifting?

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The answer delivered in the closing communique was direct: resilience will come from digital finance, stronger small businesses, and trade that actually works across African borders.

The forum, themed “Building Resilience Amidst Geoeconomic Uncertainties,” was organized by the CBN in partnership with the Emerging Markets Forum and the Centre for the Study of the Economies of Africa. 

The final session featured a fireside dialogue between CBN Governor Olayemi Cardoso and WTO Director-General Ngozi Okonjo-Iweala. Their presence signaled that Nigeria is trying to connect domestic policy with global trade rules.

Governor Cardoso used the forum to announce an acceleration of the Nigeria Payments System Vision 2028. The original target was to reduce cash outside banks to less than 40% of money in circulation by 2028. New data presented at the forum shows progress: cash outside banks has dropped to a seven-month low.

Agent Banking in Rural Areas: 6 major banks and 4 fintechs committed to deploy 200,000 new POS terminals in markets, motor parks, and villages before December 2026.

The goal is that no Nigerian should walk more than 500 meters to access basic financial services.

Lower Fees: The CBN will work with the Nigeria Inter-Bank Settlement System to reduce charges on transfers below N5,000.

Cardoso said “the poor should not pay more proportionally to move money.”

Interoperability: Banks, fintech wallets, and telecom mobile money will be forced to talk to each other seamlessly. No more your bank cannot send to this wallet issues.

Cardoso told delegates: “When money stays in the banking system, we can lend more. When we lend more, businesses grow. When businesses grow, people get jobs. That is how we build resilience from the ground up.”

For market women in Mile 12, for okada riders, for students, this means less risk of carrying cash, faster payments, and potentially lower costs.

But it also puts pressure on government to fix electricity and network so that digital payments do not fail during peak hours.

The biggest announcement came from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. 

He unveiled plans for a *N500 billion SME Resilience Fund* to be managed jointly by the Bank of Industry, CBN, and participating commercial banks.

Target sectors are deliberate: agriculture processing, light manufacturing, creative industry, and logistics. These are sectors that employ many people and have export potential.

TERMS: Single-digit interest rates, repayment periods of 3-5 years, and a requirement for digital record-keeping. 

Oyedele said the digital record requirement is to ensure transparency and to help SMEs build credit history.

JOBS TARGET: 2 million jobs in 18 months.

“Resilience is not just about surviving shocks,” Oyedele said. “It is about giving a tailor in Aba or a food processor in Kano access to capital at rates that make sense. 

It is about a young animator in Yaba getting a loan to buy equipment without collateral that kills the business before it starts.”

The fund will have a special window for women-owned businesses and for businesses in conflict-affected areas. 

The NSA, who was present at the forum, confirmed that part of the fund will be given as grants in areas where security has disrupted business.

Economists at the forum warned that execution will be key. Previous SME funds struggled with disbursement delays and political interference.

The CBN promised a dashboard that will publish monthly data on applications, approvals, and disbursements.

Okonjo-Iweala’s message was simple: Africa cannot be resilient if it keeps trading more with Europe and Asia than with itself.

She pointed to data showing African countries lose billions annually due to poor border processes, multiple checkpoints, and non-tariff barriers. To address this, three agreements were signed on the sidelines of the forum:

PAPERLESS TRADE CORRIDOR: Nigeria, Benin, and Cameroon will pilot a system where customs declarations, certificates of origin, and payments are done digitally. Trucks will be tracked, and clearance time is targeted to drop from days to hours.

DIGITAL CERTIFICATES FOR SMALL EXPORTERS: Small businesses selling shea butter, textiles, or processed foods will get digital certificates that are recognized across AfCFTA countries. No more paying agents to “facilitate” paperwork.

WTO DISPUTE DESK FOR AFRICA: A new desk will be set up at the WTO to help African traders resolve disputes quickly when their goods are unfairly blocked.

Okonjo-Iweala said: “Trade is the fastest way to create jobs. If a woman in Onitsha can sell to a buyer in Accra with the same ease as selling in Lagos, we have won. 

If a manufacturer in Kaduna can source inputs from Kenya without 20 different forms, we have won.”She also urged Nigeria to use its large market as leverage to negotiate better terms for African exporters in global trade talks.

Behind the big ideas is a hard fiscal reality. The Senate approved a 2026 target of N11.074 trillion for Nigeria Customs. 

As at June, N4.043 trillion had been collected. That leaves N7 trillion to be raised in 5 months.

Forum participants agreed Nigeria cannot close that gap by raising taxes. 

The consensus was: automate, reduce leakages, and bring more people into the formal economy.

The Minister of Finance said new measures will be announced in August, including incentives for companies that voluntarily regularize their tax status.

CHEAPER TRANSFERS: By Q4 2026, sending N2,000 should cost significantly less.

POS IN YOUR VILLAGE: The 200,000 new terminals mean less travel to town to withdraw or deposit.

ACCESS TO LOANS: If you run a small business and keep records on your phone, you may qualify for single-digit loans.

EASIER EXPORT: A fashion designer in Lagos can sell to Ghana without hiring an agent.

TRANSPARENCY: The CBN promised a 90-day implementation tracker on its website.

The forum ended with a sense of urgency. Global uncertainty is not going away. 

Commodity prices are volatile. But Nigeria’s bet is that by digitizing money, funding SMEs, and trading more with neighbors, it can absorb shocks better.

As Cardoso and Okonjo-Iweala left the stage, the message was clear: the policies are on paper. Now comes the work of implementation.