Nigeria introduces guided trade initiative under AfCFTA
Nigeria has taken a significant step by launching the Guided Trade Initiative under the African Continental Free Trade Area (AfCFTA), marking a crucial milestone in enhancing intra-African trade and promoting economic diversification.
Led by President Bola Tinubu, this initiative is expected to create approximately $50 billion in economic opportunities for Nigerian businesses.
President Tinubu emphasized AfCFTA’s transformative power, viewing it as more than just a trade agreement but as a driving force for industrialization, equitable growth, and prosperity across the continent.
Nigeria is dedicated to cultivating a business-friendly environment that encourages innovation and boosts the competitiveness of local businesses in various industries.
The launch event, backed by international partners including the German Ministry of Economic Cooperation (BMZ), highlighted Nigeria’s leading role in the implementation of AfCFTA.
Svenja Ossman, the country director for GIZ Nigeria and ECOWAS, represented by GIZ ECOWAS Cluster Coordinator, emphasized Germany’s dedication through the ECOWAS AfCFTA project, which seeks to strengthen the implementation framework throughout West Africa.
“We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA,” stated the GIZ country director. “Germany acknowledges Nigeria’s proactive stance in advancing regional economic integration and pledges support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies.”
The GIZ ECOWAS AfCFTA support project has been instrumental in offering technical assistance to Nigeria via the AfCFTA National Action Committee, now renamed the Nigeria AfCFTA Coordination Office (NACO). This support encompasses creating a detailed Action Plan designed to enhance trade facilitation and capitalize on opportunities for Nigerian businesses, including those led by women and youth entrepreneurs.
“We commend Nigeria’s dedication in preparing the AfCFTA implementation Action Plan,” continued the GIZ country director. “In collaboration with relevant Ministries, Departments, and Agencies (MDAs), we anticipate finalizing this plan to ensure robust financial and institutional support for its successful rollout.”
Highlighting the significance of collaboration, Mr. Olusegun Awolowo, National Coordinator of NACO, emphasized the transformative effect of AfCFTA on Nigeria’s economic landscape.
The transition of the National Action Committee on AfCFTA to NACO reflects Nigeria’s dedication to effective implementation of AfCFTA, including finalizing tariff concessions to boost competitiveness in the continental market.
Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, reiterated Nigeria’s commitment to utilizing AfCFTA for industrial growth and job creation.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stressed the strategic importance of the Guided Trade Initiative in driving Nigeria’s economic growth and enhancing regional integration.
President Tinubu concluded the event by affirming Nigeria’s commitment to taking a leadership role in continental and global trade through AfCFTA.
AfCFTA promises a transformative future for all Africans, rooted in collaboration, innovation, and the collective strength of the continent, beyond immediate economic benefits.
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