The president of Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode , has applauded the federal government over the decision to make Nigeria a signatory to the establishment of African Continental Free Trade Area (AfCFTA). On Wednesday, March 14, 2018, the Federal Executive Council (FEC) approved that Nigeria should sign the framework agreement for the establishment of the initiative which would be sealed by regional leaders during the extraordinary meeting of African Union heads of state and government. A statement made available to LEADERSHIP said the agreement represents a major opportunity for Nigerian businesses to gain greater access to the fast growing African market.
“It is vital that Nigerian businesses continue to diversify their export markets and with this agreement, trade barriers for companies across a number of sectors will be reduced thereby creating access to new markets within Africa. “Intra African trade as a driver for economic diversification can help to harness the unexploited opportunities that exist in many product categories particularly food and agricultural products. “I am optimistic that, the AfCFTA could increase intraAfrica trade by about 52 per cent, resulting in an increase of African manufacturing exports from the current average in which manufacturing only represents about 10 per cent of total gross domestic product (GDP) in Africa,” he said.