Nigeria creates panel on AfCFTA implementation
By Jeph Ajobaju, Chief Copy Editor
Nigeria has created a committee to facilitate the implementation of the African Continental Free Trade Area (AfCFTA) in the insurance industry.
Insurance Commissioner Sunday Thomas disclosed this at the inauguration of a 15-man committee for the various segments of the industry.
“The committee will coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA Agreement and its implementation.
“They will develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA,” he said.
“They will develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.
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Liaising with agencies
“The committee will also engage and liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA (NAC-AfCFTA), Nigerian Office for Trade Negotiations on implementation of the AfCFTA agreement and any such body,” Thomas added, per reporting by Vanguard.
“The Commission was requested by the Nigerian Office for Trade Negotiations (NOTN) to participate in several meetings including to receive and verify the final Schedule of Specific Commitment, for onward transmission to the Senior Trade Officials.
“The NAC-AfCFTA has also informed the Commission of its intention to organise another stakeholders’ workshop for the Nigerian insurance sector.”
AfCFTA can grow African trade finance, experts say
AfCFTA members can leverage resources to increase trade finance globally, according to experts in Coronation Merchant Bank (CMB).
CMB Managing Director Banjo Adegbohungbe urged member states to leverage resources not just for the benefit of the continent but for global trade.
He stressed at CMB’s interactive section on “AfCFTA – The Road Ahead” last year that the emergence of the pandemic led to rapid changes on the international trade landscape and the expansion of intra-African trade via the AfCFTA is a critical enabler for the Nigerian economy.
“From supply chain disruptions to higher logistics cost to the adoption of digital platforms, the landscape has continued to evolve. More than ever before, oganisations have been faced with multiple challenges while trying to meet their strategic objectives.
“As Africa continues on its journey to economic recovery, it must look inwards and strive to leverage the resources and synergies in growing trade finance not just for the benefit of Africa but for the whole world,” Adegbohungbe said.
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