Nigeria has launched the Guided Trade Initiative under the African Continental Free Trade Area, AfCFTA for massive exports, and job creation.
While unveiling the initiative recently in Lagos, President Bola Ahmed said the initiative would unlock an estimated $50 billion in economic opportunities for Nigerian businesses.
Tinubu underscored AfCFTA’s transformative potential, positioning it not merely as a trade pact but as a catalyst for industrialization.
Minister of Finance, Wale Edun and Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, emphasized the strategic importance of the Guided Trade Initiative in propelling Nigeria’s economic growth and fostering regional integration.
Speaking at the event, the Country Director for the German Corporation for International Corporation Nigeria and the Economic Committee of West Africa States, ECOWAS, represented by GIZ ECOWAS Cluster Coordinator, Svenja Ossman, highlighted Germany’s commitment through the ECOWAS AfCFTA project, aimed at bolstering the implementation framework across West Africa.
“We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA.”
Also, Olusegun Awolowo, National Coordinator of NACO, reiterated the transformative impact of AfCFTA on Nigeria’s economic landscape.