FG to maximise benefits of AFCFTA

The Federal Government has stated that it will ensure that Nigerian businesses maximise the benefits of the African Continental Free Trade Area.

President Bola Tinubu disclosed this on Tuesday while speaking at the launching ceremony of the Guided Trade Initiative under the African Continental Free Trade Area in Lagos.

According to Tinubu, who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume, AfCFTA has the potential to transform the continent’s economic landscape.

The President stated that AfCFTA was not just a trade agreement but a bold vision for Africa’s industrialisation, equitable growth, and the prosperity of the people.

“It requires us to embrace the challenges ahead with enthusiasm and readiness to tackle them headlong in the interest of our stakeholders and collective survival.

“Our commitment to this agreement is underscored by our recognition of the fact that making AfCFTA work is not an option, but a compelling necessity,” he said.

The President noted that the successful implementation of AfCFTA would come with its challenges and Nigeria must confront those challenges with uncommon determination.

According to Tinubu, the strategy to be deployed will include the creation of an enabling environment that supports businesses, encourages innovation, and fosters competitiveness.

He added that there would also be close collaboration with continental partners in a manner that would ensure that the benefits of AfCFTA were equitably distributed and that no one was left behind.

“The companies that are pioneering this initiative today have demonstrated their belief in the potential of made-in-Nigeria products and the immense opportunities that AfCFTA presents.

“These trailblazing businesses have made history by taking this bold step, and they set a precedent for others to follow. Their success is our success, and their journey is our journey,” he expounded.

The President stated that trade has inherently become highly competitive and that the country cannot become complacent.

He remarked that the country must be prepared to be innovative, and efficient and must relentlessly strive to excel.

“Nigeria’s competitive edge is underscored by several factors, including strategic location, robust economic fundamentals, and a dynamic entrepreneurial spirit. We must therefore leverage the opportunities presented by AfCFTA.

“The pursuit of the key elements will be laser-focused on ensuring that every Nigerian enterprise, from small and medium-sized enterprises to large corporations, benefits from this agreement. The government will continue to provide the necessary support to facilitate the effective implementation of AfCFTA at the domestic, sub-regional, and continental levels,” he said.

He reaffirmed the Federal Government’s commitment to making AfCFTA a success by working with enthusiasm and a shared sense of purpose.

“As we embark on this journey together, therefore, my administration will work tirelessly to ensure that every Nigerian benefits from this historic agreement.  Let me add that the institutional and legal framework will be strengthened to help achieve the implementation objectives.

“With the launch of the Guided Trade Initiative, a significant forward leap has taken place. This initiative would catalyze intra-African trade, economic diversification, and sustainable development,” he noted.

Earlier, the National Coordinator of AfCFTA, Mr Olusegun Awolowo, said that trade under AFCFTA, leveraged the immense resource endowments of the continent to deepen industrialisation, creating opportunities for the engagement of the African teeming youthful population, and facilitating more inclusive economic growth.

According to Awolowo, the most sustainable path to prosperity is trade.

He added that Nigeria, and indeed African countries, must export their way out of poverty, unemployment, and economic depression.

“Today, having fully fulfilled all the requirements for accession to the Guided Trade Initiative, we stand as witnesses to the official flag-off of trade under this preferential trading arrangement with this symbolic shipment of a container from Apapa ports,” Awolowo said.

The AfCFTA states that with the launch, the country would transition from planning for trade under the agreement to actively enabling businesses to trade and win.

“It sets the stage for a new era of trade and prosperity for our country under the AfCFTA,” he said.

Awolowo disclosed that in the next few days, 10 companies would start exporting Nigerian products to five countries across East, Central, and North Africa.

“Some of the companies include Le Look Nigeria Limited, which exports bags to Kenya, representing all the female entrepreneurs; and Secure ID Limited, which exports smartcards to Cameroon

Dangote, exporting clinkers to Cameroon,” he said.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, stated that the launch further restated Nigeria’s commitment to development.

According to Uzoka-Anite, AfCFTA holds immense promise for thriving industrialisation.

“We must all join hands to ensure that AfCFTA delivers for the people,” she said.

The minister, who is also the chairman of the Coordinators Office, urged Nigerians to use the platform to harness the opportunities before them.