ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, September 17, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Nigeria To Begin Trade Pact Under AfCFTA

by Kingsley Okoh
3 years ago
in Business
AfCFTA
Share on WhatsAppShare on FacebookShare on XTelegram

The secretary, National Action Committee (NAC) on African Continental Free Trade Agreement (AfCFTA), Mr. Francis Anatogu, announced that all is set for Nigeria to begin trading activities under the AfCFTA.

Advertisement

Anatogu stated this at the Lagos Chamber of Commerce and Industry’s (LCCI’s) Export Group Symposium in Lagos recently.

It had been reported that  more than one year after the implementation of the trade pact which came into force on January 1st 2021, Nigeria is yet to make the trade agreement operational due to structural challenges, Covid 19 and lack of consensus on trade protocols.

The secretary, however,  said Nigeria must pay attention to trade facilitation, policies, infrastructure, trade information, free movement of people and goods, finance and institutional coordination between the federal government and private sector.

“What we are focusing in 2022 is understanding where the opportunities are and we have already identified areas that are priorities for AfCFTA in terms of products and services. We have also been able to dimesnsion them into arrowheads to help us focus on the short term and frontiers that we can focus on the medium to long term,” he said.

Related News

NBS Report: Ekiti Confident Interventions Will Reduce High Inflation Rate

6 hours ago

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

11 hours ago

He, however, stated the need to grow the volume of transactions within the country while also supporting and encouraging businesses to take advantage of the African markets.

He also pointed out the need to attract global investment in the country’s bid to take advantage of the AfCFTA.

To him, “at the National Action Committee (NAC), our mission and vision for the AfCFTA is to take 10 per cent of Africa’s import from the world to provide the products and services from Nigeria that are currently being supplied by other countries outside Africa, but we know that for us to achieve that, we need to focus on developing value chain in products and services.”

According to Anatogu, the Nigerian Export Promotion Council (NEPC) export has grown in the past one year, advising that, the next step for Nigeria is to boost its manufacturing presence on the continent.

He noted that, so far, seven countries have started piloting the AfCFTA trade, saying, Nigeria is on the verge to joining, adding that, one of the key elements the country is trying to put in place is the preferential trade process to be able to trade under AfCFTA.

“The Nigerian Customs Service (NCS) has developed this procedure and is being reviewed with the stakeholders with a view to adopting it and publishing it for businesses to start to use,” he added.

Earlier, the president, LCCI, Asiwaju Michael Olawale-Cole, said the AfCFTA launched in 2021, is flagship project of the African Union’s (AU’s) Agenda 2063, a blueprint for attaining inclusive and sustainable development across the continent over the next 50 years.

He said, it aims to boost intra-African trade by providing a comprehensive and mutually beneficial trade agreement among the member states, covering trade in goods and services, investment, intellectual property rights and competition policy.

He highlighted that the Pan-African Payments and Settlement System (PAPSS) is a centralised payment and settlement infrastructure for intra-African trade and commerce payments, stressing that, this project which is being developed in collaboration with the African Export-Import Bank(AFREXIM) will facilitate payments as well as formalise some of the unrecorded trade due to prevalence of informal cross-border trade in Africa.

On her part, chairperson, LCCI, Export Group, Mrs. Bosun Solarin, said the actualization of the benefits of AfCFTA remains elusive ang unachievable without effective distribution channel in which logistics play an indispensable role of bridging the gap between the dreams and realities of AfCFTA.

 

Join Our WhatsApp Channel

Tags: AfCFTA
SendShare10187Tweet6367Share

Other News Updates

Business

NBS Report: Ekiti Confident Interventions Will Reduce High Inflation Rate

2025/09/17
Business

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

2025/09/17
Agriculture

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

2025/09/17
Business

Upstream Sector Attracts $18.2bn Investment, Unlocks 1.4bn Oil Barrels

2025/09/17
Business

CBN Enlightens Kano Residents About New Banking Initiatives

2025/09/17
Business

Rehoboth City Estate Unveils Wazobia, Smart Housing Project In Abuja

2025/09/17
Leadership Conference advertisement

LATEST

Suspected Terrorists Gunned Down In Imo Communities — Police ¬

IPPIS Staff Pleaded Guilty To Diverting Salaries Of Ex-Government Workers

Fubara: ‘Supreme Court Should Have Decided PDP Governors’ Case’, Says Ex-ACF Scribe

Tinubu Redefining Modern Leadership, Says VP Shettima

Police Arrest 6 Suspected Illegal Miners In Niger

Elumelu Cuts Short US Trip Over UBA Staff Killed In Afriland Towers Fire In Lagos

FIRS Loses 4 Senior Staff Members To Afriland Towers Fire In Lagos

‘Stop Blaming Tinubu, Hunger Has Always Been In Nigeria’, Bwala Fires Back At Atiku

Oyo Government Denies Crude Oil Discovery Rumour

BREAKING: Tinubu Lifts State Of Emergency On Rivers, Restores Democratic Rule

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.