FG Announces Date to Begin New Presidential Trade Under AfCFTA
- President Bola Ahmed Tinubu will soon introduce preferential trade under the AfCFTA Guided Trade Initiative (GTI).
- This is a part of the goal to bring the continent together in shared prosperity and the administration's renewed optimism agenda
- The National Coordinator claims that Nigeria is ready to launch an army of exporters into the continent
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Preferential trade under the AfCFTA Guided Trade Initiative (GTI) is set to be launched by President Bola Ahmed Tinubu, in keeping with the administration's renewed hope agenda and the ambition of Africa's founding fathers to unite the continent in shared prosperity.
Source: UGC
The Preferential Trade ceremony will be launched at Apapa Port in Lagos on July 16, 2024, according to a statement seen by Legit.ng.
According to Olusegun Awolowo, National Coordinator, Nigeria AfCFTA Coordination Office, Nigeria became the 34th AfCFTA State Party on July 7, 2019 after it signed the AfCFTA Agreement.
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Nigeria's readiness and preparedness for preferential trading under the AfCFTA preferential trade regime would greatly aid in repositioning the continental market as a global trade market and rallying point.
This is given its robust economy across various industries and significant potential impact on value chains throughout the continent.
According to the National Coordinator, Nigeria is prepared to send an army of exporters into Africa.
He stated that the main goals are to illustrate Nigeria's trading activities under the AfCFTA, highlight how African companies can benefit from the GTI for trade, and outline the procedures for properly utilizing the AfCFTA.
What this means
The development indicates a sign that the governments of the participating states are willing to help enterprises and the private sector benefit from the AfCFTA.
With this launch, the AfCFTA Secretariat is indicating that it is prepared to assist Member States and the private sector in implementing the agreement.
Nigeria's entry into the second phase of the GTI heralds a new era for trade under the AfCFTA, with a number of Nigerian companies eager and ready to ship and export native goods throughout the continent, with Kenya, Cameroon, Uganda, Zambia, and Egypt as their intended markets.
This serves as evidence of Africa's companies' capacity and preparedness for trade inside the AfCFTA's framework.
The National Coordinator said,
“Everything Africa needs for Africa is already in Africa.”
Nigeria Must Break Bottlenecks
Legit.ng reported that Nigeria may miss Africa's $3.4 billion AfCFTA market if it does not remove some bottlenecks and barriers.
The Chief Operating Officer of MicCom Cables and Wires, Bukola Adubi said this while featuring on a pane at the 2022 Practical Nigerian Content (PNC) Forum in Uyo, in Akwa Ibom.
She spoke about "Deepening Nigerian Content Opportunities in the Decade of Gas."
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Source: Legit.ng
