Nigeria taps AfCFTA Guided Trade Initiative to fuel economic growth, continental leadership
Business a.m.
Doris Uzoka-Anite, minister of industry, trade, and investment; George Akume, secretary to the government of the federation; and Olusegun Awolowo, national coordinator, Nigeria AfCFTA Coordination Office, during the Guided Trade Initiative launch in Apapa,Lagos, recently.
Nigeria has embarked on a historic endeavour with the launch of the Guided Trade Initiative (GTI) under the African Continental Free Trade Area (AfCFTA), signaling a pivotal moment in boosting intra-African trade and fostering economic diversification. Spearheaded by President Bola Tinubu, this initiative is anticipated to unlock an estimated $50 billion in economic opportunities for Nigerian businesses.
President Tinubu underscored AfCFTA’s transformative potential, positioning it not merely as a trade pact but as a catalyst for industrialisation, equitable growth, and continental prosperity. Nigeria is steadfast in creating an enabling business environment that fosters innovation and enhances the competitiveness of local enterprises across diverse sectors.
The launch event, supported by international partners such as the German Ministry of Economic Cooperation (BMZ), celebrated Nigeria’s leadership role in AfCFTA’s implementation.
The country director for GIZ Nigeria and ECOWAS, represented by Svenja Ossman,GIZ ECOWAS cluster coordinator, highlighted Germany’s commitment through the ECOWAS AfCFTA project, aimed at bolstering the implementation framework across West Africa.
“We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA.
“Germany acknowledges Nigeria’s proactive stance in advancing regional economic integration and pledges support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies,” stated the GIZ country director.
The GIZ ECOWAS AfCFTA support project has been pivotal in providing technical assistance to Nigeria through the AfCFTA National Action Committee, now called, the Nigeria AfCFTA Coordination Office (NACO). This support includes the development of a comprehensive Action Plan aimed at optimising trade facilitation and maximizing opportunities for Nigerian businesses, including women and youth entrepreneurs.
“We commend Nigeria’s dedication in preparing the AfCFTA implementation Action Plan,” continued the GIZ country director. “In collaboration with relevant Ministries, Departments, and Agencies (MDAs), we anticipate finalizing this plan to ensure robust financial and institutional support for its successful rollout.”
Emphasizing the importance of collaboration, Olusegun Awolowo, national coordinator of NACO, highlighted the transformative impact of AfCFTA on Nigeria’s economic landscape. The conversion of the National Action Committee on AfCFTA into NACO underscores Nigeria’s commitment to effective AfCFTA implementation, including finalising tariff concessions to enhance competitiveness within the continental market.
Doris Uzoka-Anite, minister of industry, trade, and investment, reiterated Nigeria’s dedication to leveraging AfCFTA for industrial growth and job creation.
On his part, Wale Edun, minister of finance and coordinating minister of the economy, emphasised the strategic importance of the Guided Trade Initiative in propelling Nigeria’s economic growth and fostering regional integration.
President Tinubu concluded the event by affirming Nigeria’s commitment to assuming a leadership role in continental and global trade through AfCFTA. Beyond immediate economic gains, AfCFTA promises a transformative future for all Africans, grounded in collaboration, innovation, and the collective strength of the continent.