By Eberechi Obinagwam
Nigeria is set to commence preferential trade under the African Continental Free Trade Area (AfCFTA) Guided Trade Initiative (GTI).
President Bola Ahmed will launch the initiative on July 16, 2024 at Papa Port, Lagos, in line with the vision of Africa’s founding fathers to unite the continent in one, shared prosperity and the renewed hope agenda of the administration.
It is being convened by the Nigeria AfCFTA Coordination Office on behalf of the Government of the Federal Republic of Nigeria and the AfCFTA Secretariat.
According to the National Coordinator, Nigeria AfCFTA Coordination Office, Olusegun Awolowo, “Nigeria signed the AfCFTA Agreement on 7 July 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”. The National Coordinator further states “Nigeria is ready to unleash an army of exporters into Africa”
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.
To quote the National Coordinator “Everything Africa needs for Africa is already in Africa”.
Expected dignitaries include the President of the Federal Republic of Nigeria, Secretary to the Government of the Federation, Secretary-General of the AfCFTA Secretariat, Minister of Trade, Industry and Investment of Nigeria, Minister of Finance and Coordinating Minister of the Economy, other Government Officials, Ministers Responsible for Trade, the Diplomatic Corps, International Development Partners, Heads of Businesses and the Press from the rest of the Continent.