By Abbanobi-Eku Onyekachi
The Minister of Industry, Trade and Investment (FMITI), Dr. Doris Uzoka-Anite, has negotiated Nigeria’s unique position on several crucial matters bordering on digital trade, safeguarding against illegal trans-shipment under the African Continental Free Trade Area (AFCFTA), and tariff lines in specific sectors of the economy.
Dr. Uzoka-Anite said this at the 13th Meeting of the African Continental Free Trade Agreement (AfCFTA) Council of Ministers responsible for Trade, recently concluded in Durban, South Africa.
According to a press statement from the Assistant Director (Information), Adeyemo Felicia, on Saturday, the minister highlighted the need for government of member states to ensure that the collective interests of the continent was taken into account in adopting a targeted, pragmatic approach towards achieving the objectives of the AfCFTA Agreement.
With a population of over 200 million people, and a GDP of approximately $472 billion (World Bank, 2022)- accounting for almost 20% of the continent’s GDP, Nigeria presents the largest economy in Africa and is poised to have a major impact when trading under the Agreement commences.
The points negotiated upon by the Minister were aimed at ensuring that, under the AfCFTA, Nigerian businesses can take advantage of continent-wide trading to expand their markets within a legally binding framework, and remain safeguarded under the liberalised trade preferences.
The upcoming 37th African Union Ordinary Session of the Assembly of Heads of State and Government will at its annual convention in February 2024 take stock of the progress made thus far in the implementation of the AfCFTA.
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