Business a.m.
The Nigerian government, in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, is set to launch the Preferential Trade under the AfCFTA Guided Trade Initiative (GTI) on July 16, 2024 at Apapa Port in Lagos.
A statement signed by Olusegun Olutayo, senior trade policy and law expert and lead, trade enablement, Nigeria AfCFTA coordination office, stated that the GTI launch event will be spearheaded by President Bola Ahmed, who aims to honour the vision of Africa’s founding fathers to unify the continent and create shared prosperity, and aligns with the administration’s renewed hope agenda.
The launch of Nigeria’s participation in the AfCFTA’s second phase of the Guided Trade Initiative heralds a new era of intra-African trade, as numerous Nigerian businesses are primed and enthusiastic to export and ship locally produced goods to target markets across the continent, including Kenya, Cameroon, Uganda, Zambia and Egypt.
Moreso, the main objectives of the upcoming launch event are to demonstrate Nigeria’s ability to engage in AfCFTA trade, showcase the potential of the GTI for intra-African trade, explain the processes for effectively engaging with the AfCFTA, and demonstrate the readiness of AfCFTA State Parties and the AfCFTA Secretariat to support private sector businesses in utilising the AfCFTA framework.
The event is also considered an indication of the readiness of the AfCFTA Secretariat to support the AfCFTA implementation by the private sector and member states.
Olusegun Awolowo, the national coordinator of the Nigeria AfCFTA coordination office, shared his insights on the significance of Nigeria’s participation in the AfCFTA preferential trade regime, saying, “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.”
Expected dignitaries at the event include President Bola Tinubu of Nigeria; George Akume, secretary to the government of the federation; Wamkele Mene, secretary-general of the AfCFTA Secretariat; Doris Nkiruka Uzoka-Anite, minister of trade, industry and investment of Nigeria; Wale Edun, minister of finance and coordinating minister of the economy, alongside other government officials, international development partners, heads of businesses, among others.
