PeakNews Online
Nigeria has officially commenced trading under the African Continental Free Trade Area (AfCFTA), setting its sights on tapping into the agreement’s projected $50 billion in economic benefits.
President Bola Tinubu inaugurated the “Guided Trade Initiative” on Tuesday in Lagos, marking a pivotal moment aimed at boosting intra-African trade and fostering economic diversification.
Tinubu underscored AfCFTA’s potential to revolutionize Africa’s economic landscape, describing it not just as a trade pact but as a blueprint for industrialization, growth, and prosperity. Despite acknowledging challenges ahead, Tinubu affirmed Nigeria’s steadfast commitment to ensuring the success of AfCFTA. Plans include creating a conducive business environment to bolster innovation and competitiveness.
Highlighting the importance of collaboration across Africa, Tinubu commended pioneering companies participating in the initiative and pledged robust support for Nigerian businesses of all scales to capitalize on AfCFTA’s opportunities. He emphasized ongoing efforts to enhance Nigeria’s market edge through continuous improvement and vowed comprehensive support at domestic, sub-regional, and continental levels for effective AfCFTA implementation.
The launch of the Guided Trade Initiative is envisioned as a catalyst for expanding intra-African trade, promoting economic diversification, and fostering sustainable development. The initiative aims to unlock new markets for Nigerian products, boost competitiveness, and generate employment opportunities.
Mr. Olusegun Awolowo, National Coordinator of the National AfCFTA Coordination Office (NACO), highlighted trade as a pathway to sustainable prosperity, quoting the maxim “Nigeria and indeed African countries must export their way out of poverty, unemployment, and economic depression.”
Awolowo announced the transformation of the National Action Committee on AfCFTA (NAC-AfCFTA) into the Nigeria/AfCFTA Coordination Office (NACO), empowered to deliver desired outcomes effectively. He also revealed that ten companies are poised to initiate exports of Nigerian products to five countries across East, Central, and North Africa.
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, reiterated Nigeria’s commitment to leveraging AfCFTA for industrialization and job creation, urging stakeholders to collaborate to maximize its benefits.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized AfCFTA’s potential to propel Nigeria’s economic growth and regional integration. He highlighted the transformative impact of AfCFTA in establishing a unified African market and underscored the government’s resolute commitment to its success. Minister Edun announced the establishment of the Nigeria AfCFTA Coordination Office and the imminent completion of tariff concessions gazetting, crucial for Nigerian businesses competing in the continental market.
“This launch demonstrates proactive steps by our administration,” declared Minister Edun, portraying it as Nigeria’s readiness to take a lead role in continental and global trade. He envisioned AfCFTA not only yielding immediate economic gains but also unlocking a prosperous future built on collaboration and innovation across Africa.
Oscar
