AfCFTA holds great opportunity for Nigerian economy – Minister

By Felix Khanoba

Ahead of the take-off of the African Continental Free Trade Agreement (AfCFTA) on January 1, 2021, Minister of Industry, Trade and Investment, Adeniyi Adebayo, says the continental trade pact will boost the production of Made-in-Nigeria goods.

The minister called on Nigerians, particularly industrialists to take advantage of the inherent opportunities to stimulate their business activities and export their products to other countries in the region.

A statement made available to newsmen by the Special Assistant on Media to the minister, Ifedayo Sayo, said Adebayo posited that Nigeria cannot afford to be left out of the emerging African economic block, stressing that AfCTA will form a 3.4 trillion dollars economic bloc, which Nigeria must play a leading role.

The AUTHORITY reports that AfCFTA, the world’s largest free trade area in terms of 54 participating countries, will commence on January 1, 2021.

The commencement date will signal the beginning of the implementation of a single continental market for goods and services, with free movement of business persons and investments across Africa.

According to the Minister, “The journey started on July 7, 2019 when Nigeria became the 53rd African country to sign the AfCFTA treaty. Long before then, it has always been the dream of Nigeria and Africa’s founding fathers to unite the continent in one, shared prosperity.
“The African Continental Free Trade Area Agreement will form a 3.4 trillion dollars economic bloc, which Nigeria cannot afford to be left out of.

“We have worked tirelessly to ensure that Nigeria not only partake as a signatory in name, but become a major trade and economic power house, even more than we have been within the ECOWAS region.”

Also speaking on readiness measures taken by government towards the effective implementation of AfCFTA, the Secretary, National Action Committee on AfCFTA, Francis Anatogu said, “We are effectively coordinating with all critical stakeholders to ensure a smooth playing field for Nigerian traders and business men to explore the vast markets that will be opened up come January 1st 2021.

“We are set to commence a major communication campaign and have tagged January 2021 as AfCFTA Awareness and Sensitization month, which would take place across the six geopolitical zones, and would involve various stakeholder groups in public, private and civil society sectors, as well as other critical traditional institutions.”

Established in May 30 2018, the agreement has been signed by 54 AU member countries and ratified by 31 AU member countries, including Nigeria in July 2019 and November 2020 respectively. AfCFTA is expected to help expand Nigeria’s inter-trade portfolio, boost competitiveness and increase GDP.

Related Posts

Leave a Comment

This News Site uses cookies to improve reading experience. We assume this is OK but if not, please do opt-out. Accept Read More