Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has stressed the importance of negotiating to strengthen and quicken the implementation of the African Continental Free Trade Agreement (AfCFTA).
Speaking at the recently concluded 13th meeting of the AfCFTA Council of Ministers responsible for Trade in Durban, South Africa, the minister said she negotiated Nigeria’s position on several crucial matters bordering on digital trade, safeguarding against illegal transshipment under the agreement and tariff lines in specific sectors of the economy.
Participants included the secretary-general of AfCFTA Secretariat, Wamkele Mene, as well as over 25 African Trade Ministers, the diplomatic corps, heads of businesses and the media.
The minister said the country’s interests were protected at the negotiations and highlighted the need for governments of member states and the secretariat to ensure that the collective interests of the continent are considered in adopting a targeted, pragmatic approach towards achieving the objectives of the AfCFTA Agreement.
Uzoka-Anite added that with Nigeria’s huge population and a $472 billion GDP- accounting for almost 20 per cent of the continent’s GDP, Nigeria presents the largest economy in Africa and is poised to have a major impact when trading under the agreement commences.
“The points negotiated were aimed at ensuring that, under the AfCFTA, Nigerian businesses can take advantage of continent-wide trading to expand their markets within a legally binding framework, and remain safeguarded under the liberalised trade preferences.”
She added that the upcoming 37th African Union Ordinary Session of the Assembly of Heads of State and Government will, at its annual convention later this month, take stock of the progress made so far in the implementation of the AfCFTA.
She pointed out that trade barriers need to be removed first and by eliminating these barriers, the objective of the AfCFTA to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all services sectors of Africa’s economy, will be realised.
“The successful implementation of the AfCFTA is expected to lead to diversification of exports, increased productive capacity, acceleration of growth, increased investment, increased employment opportunities and incomes, and most importantly, broaden economic inclusion both in Nigeria and the rest of the continent.
It provides Nigerian exporters with new market access opportunities to key markets in the continent and can unlock growth in the economy, whilst providing market access in turn for other African countries to the Nigerian market.”
