Nigeria Set To Begin Preferential Trade Under AfCFTA Guided Initiative

All is now set for the launch of Preferential Trade under the AfCFTA Guided Trade Initiative (GTI) by President Bola Tinubu.

In a statement signed by the senior trade policy and law expert/lead trade enablement, Nigeria AfCFTA Coordination Office, Mr. Olusegun Olutayo, said this was in line with the vision of Africa’s founding fathers to unite the continent in one, shared prosperity and the renewed hope agenda of Tinubu administration.

“The launch is being convened by the Nigeria AfCFTA Coordination Office on behalf of the government of the Federal Republic of Nigeria and the AfCFTA Secretariat. The launch of the Preferential Trade ceremony will take place on July 16, 2024 in Lagos,” it said.

According to the national coordinator, Nigeria AfCFTA Coordination Office, Olusegun Awolowo, Nigeria signed the AfCFTA Agreement on July 7, 2019, becoming the 34th AfCFTA State Party.With a robust economy across different industries and a huge potential effect on value chains across the continent, Nigeria’s readiness and preparedness for preferential trading under the AfCFTA preferential trade regime would immensely contribute to repositioning the continental market as a global trade market and rallying point.

Awolowo stated that, “Nigeria is ready to unleash an army of exporters into Africa.”

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The statement added that, “the key objectives are to demonstrate and showcase Nigeria’s trading under the AfCFTA, and that businesses in Africa can take advantage of the GTI to trade, as well as the processes through which the AfCFTA can be effectively engaged.

“It is an indication of the readiness of governments of State Parties to support private sector, businesses etc. take advantage of the AfCFTA. The launch signposts the readiness of the AfCFTA Secretariat to support the AfCFTA implementation by private sector and Member-States.

“The launch of Nigeria’s participation in the second phase of the GTI signals a new dawn for trading under the AfCFTA as several Nigerian businesses are eager and prepared for export and shipment of indigenous products within the continent with Kenya, Cameroon, Uganda, Zambia and Egypt as target markets. This is to demonstrate Africa’s businesses’ ability and readiness to trade under the framework of the AfCFTA.”

Also, Awolowo noted that, “everything Africa needs for Africa is already in Africa.”