Stakeholders of the African Continental Free Trade Area Agreement (AfCFTA) said the deal will potentially grow trade value in Nigeria to $12 billion between 2023 and 2027.
This was disclosed during the Nigeria AfCFTA implementation strategy validation held in Lagos on Thursday.
They reaffirmed that the agreement could also reduce trade costs by 20 percent by facilitating the enactment of an omnibus bill on the AfCFTA.
Taking the lead, Francis Anatogu, former secretary, of NAC-AfCFTA, said the agreement would execute trade facilitation and infrastructure programs to improve competitiveness.
“We are validating the strategies and sensitizing businesses on choices for better positioning,” Anatogu said.
“It will execute trade facilitations and infrastructure programs to improve competitiveness. It will also grow productive capacity and export arrowhead products and services.
“AfCFTA will grow trade value to $12 billion, and reduce trade cost by 20 percent by facilitating enactment of an omnibus bill on AfCFTA.
“It will execute trade facilitations and infrastructure programs to improve competitiveness. It will also grow productive capacity and export of arrowhead products and services.”
In his opening address at the event, Adeyinka Adeyemi, senior adviser to the United Nations Economic Commission For Africa (UNECA), said that the principle for success lay in strategy.
“Nigeria is not the only country. We have done this with a couple of countries in Africa,” Adeyemi said.
“The way it works is that the country comes to us. You ask for support not because you do not have expertise within your country. The first document I saw on this was an impact assessment study done by Nigeria itself using Nigerian experts.
“What value are we bringing to the table? Without a national strategy customized for your country, then there is a problem.”
Bankole Abiodun, a consultant with UNECA, said within the Strategy Document, policies that would need updating have been identified.
“Something else that is significant with what we are doing today is that trade is technical and complex so understanding how each company in Nigeria can trade and win is important,” Abiodun said.
“It is not enough to produce everything under the AfCFTA; the little that you make can form input for bigger production in Nigeria or bigger part of Africa.
“It’s about collaboration with the rest of Africa and improving trade.”
Evelyn Ngige, permanent secretary, Federal Ministry of Industry, Trade and Investment, Evelyn Ngige, represented Simon Omo-Ezomo, director, of special duties, said AfCFTA was poised to capture 10 percent of its global imports to double Nigeria’s export revenue by 2035.
“Once the strategies are validated, it would be sent to the Chairman of the National Action Committee, the Minister for Industry, Trade, and Investment, and required approval of the Federal Executive Council,” she said.
Ngige noted that at the end of the day, some of the policies would need to be backed by law leading to an update of existing laws, as well as the creation of new rules to make sure Nigeria leads Africa in AfCFTA.
