The African Continental Free Trade Area Agreement (AfCFTA ) can grow trade value in Nigeria to the tune of $12bn between 2023 and 2027, African business experts said,
At the Nigeria AfCFTA implementation strategy validation held in Lagos, the experts said that the agreement could also reduce trade costs by 20 per cent by facilitating the enactment of an omnibus bill on the AfCFTA.
Francis Anatogu, a former lead Secretary of NAC-AfCFTA, said the agreement would execute trade facilitation and infrastructure programmes to improve competitiveness.
“We are validating the strategies and sensitising businesses on choices for better positioning,” Anatogu said,
“AfCFTA will grow trade value to $12bn and reduce trade costs by 20 per cent by facilitating the enactment of an omnibus bill on AfCFTA.”
“It will execute trade facilitations and infrastructure programmes to improve competitiveness. It will also grow productive capacity and export arrowhead products and services.”
“AfCFTA will grow trade value to $12bn, reduce trade cost by 20 per cent by facilitating enactment of an omnibus bill on AfCFTA.
“It will execute trade facilitations and infrastructure programmes to improve competitiveness. It will also grow productive capacity and export of arrowhead products and services.”
Adeyinka Adeyemi, the Senior Adviser to the United Nations Economic Commission For Africa (UNECA), said the principle for success lay in strategy.
“Nigeria is not the only country. We have done this with a couple of African countries,” Adeyemi said.
“The way it works is that the country comes to us. You ask for support not because you do not have expertise within your country. The first document I saw on this was an impact assessment study done by Nigeria itself using Nigerian experts.
“What value are we bringing to the table? Without a national strategy customised for your country, then there is a problem.”
Prof Bankole Abiodun, a Consultant with UNECA, said policies that need updating had been identified within the Strategy Document.
“Something else significant with what we are doing today is that trade is technical and complex, so understanding how each company in Nigeria can trade and win is important,” Abiodun said.
“It is not enough to produce everything under the AfCFTA; the little you produce can form input for bigger production in Nigeria or bigger part of Africa.”
“It’s about collaboration with the rest of Africa and improving trade.”
The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Evelyn Ngige, represented by the Director of Special Duties, Dr Simon Omo-Ezomo, said AfCFTA was poised to capture 10 per cent of its global imports to double Nigeria’s export revenue by 2035.
“Once the strategies are validated, it would be sent to the Chairman of the National Action Committee, the Minister for Industry, Trade and Investment and required approval of the Federal Executive Council,” she said.
She noted that at the end of the day, some of the policies would need to be backed by law leading to an update of existing laws and the creation of new laws to ensure Nigeria leads Africa in AfCFTA.
