Esther Oluku
Nigeria has embarked on a historic endeavor with the launch of the Guided Trade Initiative 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 industrialization, 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 theGerman Ministry of Economic Cooperation (BMZ), celebrated Nigeria's leadership role in AfCFTA's implementation.
The Country Director for GIZ Nigeria and ECOWAS, represented by GIZ ECOWAS Cluster Coordinator, Svenja Ossman, 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," stated the GIZ country director. "Germany acknowledges Nigeria's proactive stance in advancing regional economic integration and pledges support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies."
The GIZ ECOWAS AfCFTA support project has been pivotal in providing technical assistance to Nigeria through the AfCFTANational Action Committee, now called, the Nigeria AfCFTACoordination Office (NACO).
This support includes the development of a comprehensive Action Plan aimed at optimizing trade facilitation and maximizing opportunities for Nigerian businesses, including women and youth entrepreneurs.
"We commend Nigeria's dedication in preparing the AfCFTAimplementation 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, Mr. Olusegun Awolowo, National Coordinator of NACO, highlighted the transformative impact of AfCFTA on Nigeria's economic landscape.
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The conversion of the National Action Committee on AfCFTA into NACO underscores Nigeria's commitment to effective AfCFTA implementation, including finalizing tariff concessions to enhance competitiveness within the continental market.
Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, reiterated Nigeria's dedication to leveraging AfCFTA for industrial growth and job creation. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized 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.
