The federal government has inaugurated a committee to ensure strong implementation of the African Continental Free Trade Area (AfCFTA) to strengthen trade and economic growth.
The minister of Industry, Trade and Investment, Dr Jumoke Oduwole, while inaugurating the AfCFTA Central Coordination Committee, in Abuja on Tuesday, said that the committee would drive Nigeria’s strategic implementation of the AfCFTA.
Oduwole said that the committee was made up of both government and private stakeholders, adding that AfCFTA was one of the most transformative trade and economic initiatives in Africa’s history.
She said that AfCFTA represented more than a trade agreement, as it was a bold vision of integration, prosperity and inclusive growth across the Africa continent.
“With a market value of 1.4 billion people, and a combined Gross Domestic Product (GDP) of 3.4 trillion dollars, AfCFTA offers Nigeria and, indeed, the whole of Africa, an unprecedented opportunity to reposition itself in a global economy.
“In advancing Nigeria’s implementation of the AfCFTA, we have been acknowledged regionally and globally for this impressive prioritisation.
“The work ahead of us is both urgent and essential. The world is watching how Africa rises, and Nigeria must lead by example,” the minister said.
She said that the AfCFTA agreement was signed on March 2018, and officially came into force on May 2019, giving momentum to Africa’s already dynamic investment and trade landscape.
Oduwole said that the agreement was a pivotal step toward establishing a single continental market for goods and services, with goals that included facilitating investment and trade.
According to her, it will promote sustainable and inclusive development, adapting gender policy and structural transformation, enhancing competitiveness, and stimulating industrial development across African economies.
“To achieve these goals, the agreement has been structured around several protocols. The first protocol, phase one, include trading goods, trading services, and business development procedures.
“While the phase two protocols involved investment, intellectual property rights, competition policy, digital trade, women and youth in trade,” she said.
Oduwole said that the President had directed her to coordinate diverse information of the AfCFTA agreement to strengthen the important mandate and ensure coordinated strategic implementation.
She urged all the committees and other relevant stakeholders to be committed to ensure a strong and effective implementation of AfCFTA.
“We will hold each other accountable as we create a roadmap for Nigeria’s implementation, and we actually speak to see what we are going to be able to deliver, even this year.
“We will track transparency to make sure that what we are going to deliver will bring a great achievement,” the minister said.
Mrs Nonye Ayeni, the Director-General of Nigeria Exports Promotion Council (NEPC), who spoke on behalf of the committee, said that the committee members would be committed and focused to ensure positive results.
Also, the Special Adviser to the Minister, Mrs Patience Okala, said that AfCFTA was aimed at creating job opportunities and boosting the economy in the continent. (NAN)
