Nigeria Starts Trading Under AfCFTA, Sees $50bn In Benefits

The federal government has reiterated its commitment to making sure that the $50 billion African Continental Free Trade Area (AfCFTA) benefits Nigerian companies of all sizes.

President Bola Tinubu made this announcement on Tuesday during the launch of the Guided Trade Initiative under AfCFTA.

Represented by the secretary to the government of the federation, George Akume, Tinubu highlighted AfCFTA’s potential to revolutionise the continent’s economic landscape.
According to Tinubu, the AfCFTA is an ambitious vision for the industrialisation, equitable growth, and prosperity of Africa and goes beyond a trade deal.
“In the interest of our stakeholders and collective survival, it requires us to embrace challenges ahead with enthusiasm and readiness to tackle them head-on,” he said.
The president stressed that Nigeria must make the AfCFTA work, and that doing so will take a great deal of dedication and resolve.
In order to guarantee the effective execution of the AfCFTA, Tinubu outlined a plan centred on establishing a conducive atmosphere that supports enterprises, encourages creativity, and enhances competitiveness.

Collaboration with continental partners will be crucial to ensure that the benefits of AfCFTA are equitably distributed and inclusive, he added.

Tinubu praised the pioneering companies involved in the initiative, noting their belief in the potential of made-in-Nigeria products and the vast opportunities presented by AfCFTA.

“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 said, highlighting the importance of continuous innovation and efficiency in maintaining Nigeria’s competitive edge.

The president assured that the government will continue to support Nigerian enterprises at all levels, ensuring they benefit from AfCFTA. “Pursuit of the key elements will be laser-focused on ensuring that every Nigerian enterprise, from small and medium-sized enterprises to large corporations, benefit 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 called for a collective effort to make AfCFTA a success, reaffirming his administration’s commitment to working tirelessly towards this goal.

“Let us reaffirm our 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,” he added.

With the launch of the Guided Trade Initiative, Tinubu declared a significant leap forward, envisioning it as a catalyst for intra-African trade, economic diversification, and sustainable development.

Tinubu added that the platform would open new markets for Nigerian products, enhance competitiveness, and create jobs.

National coordinator of AfCFTA, Mr. Olusegun Awolowo, emphasized that the agreement leverages Africa’s vast resources to deepen industrialisation, engage the youthful population, and facilitate inclusive economic growth.

Awolowo stressed that trade is the most sustainable path to prosperity, urging Nigeria and other African countries to 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.

Awolowo revealed that, following the official launch, ten companies are set to begin exporting Nigerian products to five countries across East, Central, and North Africa.

“Some of the companies include Le Look Nigeria Limited, exporting bags to Kenya, representing all the female entrepreneurs, Secure ID Limited, exporting smart cards to Cameroon, Dangote exporting clinkers to Cameroon,” he stated.

Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, reiterated Nigeria’s commitment to development and the immense promise AfCFTA holds for industrialisation.

She called on all stakeholders to join hands in ensuring AfCFTA delivers for the people, leveraging the platform to harness the available opportunities.