President Muhammadu Buhari, yesterday, disclosed that Nigeria export to other African countries will increase by 15 percent through the implementation of the Africa Continental Free Trade Agreement (AfCFTA).
President Buhari disclosed this at the ongoing 9th edition of the Union of African Shippers’ Council (UASC), meeting tagged, ‘African Continental Free Trade Agreement: A veritable platform for African Shippers to mainstream into global trade’, holding in Lagos.
The president, who was represented by the minister of state for Transportation, Prince Ademola Adegoroye, stated that, for AfCFTA to have a positive influence on long term investment in productive capacities, African government must develop appropriate supporting policies, build requisite infrastructure and ensure an educated work force.
The president, however, stated that AfCFTA would be a game changer as it will stimulate intra-African trade. He noted that the more ambitious the trade liberalization, the greater the expansion of Nigerian exports to its African partners.
“Specifically, Nigeria’s exports to the rest of African would increase by more than 15 per cent in fishery, textile, wearing apparel, leather, wood and papers, metals, electronics, vehicles and transport equipment and machinery (for industrial sectors) and in meat and poultry, milk and dairy products.
“Others are, rice, other cereals, plant-based fibers and other crops, fruit, vegetables, nuts, vegetable oils, other food products, beverages and tobacco as well as livestock (for agriculture and food sectors).
“Following the AFTCFTA reform, Nigeria’s exports would increase significantly to other African sub-regions, outside West Africa, with most impressive expansions to countries such as Botswana, Cameroon, Egypt, Ethiopia, Kenya, Malawi, Morocco, Mozambique, Namibia, Rwanda, Tanzania, Uganda and Zimbabwe.”
sheer economic size, Nigeria is among African nations expected to experience the largest absolute expansion in intra – African exports, and the ECOWAS member expected to pppo the largest boost to intra — African exports,” he pointed out.
President Buhari, however, advised African countries on needs to make AfCFTA a reality by creating national institutions to implement the agreement.
In his welcome address, the executive secretary, Nigerian Shippers’ Council (NSC), Emmanuel Jime, said African leaders must embrace tariff liberalisation for intra African trade to thrive.
According to him, there is need to put adequate measures in place to reduce tariff and non-tariff barriers that hamper trading between countries in the continent.
He said, there is a need to create smooth integration of transport infrastructures and trade policies in the sub-region for trade to thrive.
“There is need to sensitise our various governments to fast track the dismantling of various tariff and non-tariff barriers that are hindering international trade. We should always look at the holistic impact which tariff liberalisation would have on our economy rather than just considering the immediate shortfall,” he added.
On his part, the managing director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko, who pointed out that automation has remained the tool to port efficiency.
According to him, the NPA is working with the International Maritime Organization (IMO) to deploy Port Community System in Nigerian Ports to bring all stakeholders under one platform for ease of doing business.
Similarly, the managing director, National Inland Waterways Authority (NIWA), Dr George Moghalu, disclosed that, the contribution of Inland Waterways transportation to the overall accomplishment of the objective of AfCFTA must be acknowledged.
Moghalu said, inland waterways has huge advantage of cost effectiveness and efficiency in freight transportation.
“We are all aware that Nigeria is blessed with large expanse of Inland Waterways traversing about 28 states of the country which when properly harnessed will enhance trade, that is the movement of economic goods from the hinterland to the urban areas and vice versa. It is, therefore, imperative that the contribution of Inland Waterways transportation to the overall accomplishment of the objective of ACFTA must be acknowledged considering its huge advantage of cost effectiveness and efficiency in freight transportation.
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