Create valuable products and make money experts tell Nigerians to tap into AFCFTA

• Economic expert have said Nigerians must be prepare to take advantage of tAfrica Continental Free Trade Agreement(AFCFTA)
• AFCFTA seeks to promote more intra-trades among African countries by reducing the tariffs on exports
• Expert has identified areas stagnating the opportunities AFCFTA holds and why Nigerians must create valuable to products to take advantage

Nigerians have been encouraged to seize  the opportunities presented by the Africa Continental Free Trade Agreement (AfCFTA) by developing value-added goods.

The expert who spoke at Africa Business Convention 2022 organized by BusinessDay stressed that Nigerian entrepreneurs should look beyond the challenges and look for way to tap into the opportunities.

AFCFTA s a free trade area founded in 2018, with trade commencing as of 1 January 2021 but slow documentation and ratification by states has resulted to a marginal progress.

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Speaking as a panelist, Kunle Elebute, chairman, KPMG Africa stressed that African countries have not fully adopted value addition practices which is detrimental to their trade activities seeing that most countries in the continent are largely based on commodities.

He said:

“AfCFTA is a great initiative but what can we describe as the underlining economic activity that can be exchanged under trade, Africa is simply the domain for the global economy to take out commodities and process.”

Elebute also mentioned that the continent lacks the necessary logistics infrastructure to facilitate trade which is a major determinant of successful trade activity.

Other challenges identified include currency mismatch, and poor base of trade exchange.

Elebute added:

"Issues around currency mismatch in the African continent cost it $5 billion annually which the recently launched Pan-African Payments and Settlement System (PAPSS) is expected to effectively address."

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PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments.

Nigeria accidentally discover oil in northeast region

Meanwhile, Legit.ng had earlier reported that minister of state petroleum, Chief Timipre Sylva, said the country accidentally discovered 1 billion barrel of crude oil in the Northeast.

According to him, a lot of oil is yet to be found in Nigeria and there was a need for more exploration in the country as more oil would be discovered.

He also noted that when the Port Harcourt refinery is completed, President Muhammadu Buhari government would have achieved a lot.

Source: Legit.ng