AfCFTA: Tinubu to launch Preferential Trade Initiative amid export drive

President Bola Tinubu will be unveiling the Preferential Trade Initiative as part of the implementation of the African Continental Free Trade Area, AfCFTA, Guided Trade Initiative, GTI.

Olusegun Olutayo, Senior Trade Policy and Law Expert /Lead Trade Enablement, Nigeria AfCFTA Coordination Office disclosed this in a statement on Friday.

He noted that the launch of the Preferential Trade Initiative will take place on 16th July 2024 at Apapa Port, Lagos.

Commenting on the Initiative, National Coordinator, Nigeria AfCFTA Coordination Office, Olusegun Awolowo, said, “Nigeria signed the AfCFTA Agreement on 7 July 2019, becoming the 34th AfCFTA State Party.

“With a robust economy across different industries and a huge potential effect on value chains across the continent, Nigeria’s readiness and preparedness for preferential trading under the AfCFTA preferential trade regime would immensely contribute to repositioning the continental market as a global trade market and rallying point.”

He further disclosed that “Nigeria is ready to unleash an army of exporters into Africa”.

“Everything Africa needs for Africa is already in Africa,” he added.

Dignitaries expected to grace the launch are the Secretary to the Government of the Federation, the Secretary-General of the AfCFTA Secretariat, the Minister of Trade, Industry and Investment of Nigeria, the Minister of Finance and Coordinating Minister of the Economy, other Government Officials, Ministers Responsible for Trade, the Diplomatic Corps, International Development Partners and Heads of Businesses.