Nigeria’s Minister, Industry, Trade and Investment, Dr Jumoke Oduwole, says implementation of African Continental Free Trade Area (AfCFTA) has opened up new areas for trade opportunities.
Oduwole said this while receiving the Secretary-General of AfCFTA, Mr Wamkele Mene, who was on a courtesy visit to his office in Abuja on Thursday.
She said that the implementation would stimulate investment and foster competitiveness for African businesses, as AfCFTA is aimed at making it easier and cheaper to move goods and services between countries.
“The AfCFTA in essence is the framework that has been long awaited by Nigeria and African youths.
“We have already began to see transformation with the elimination of tariffs on 90 per cent of goods traded across the continent.
“We have opened up new areas for trade opportunities to stimulate investment and foster competitiveness for African businesses,”she said.
The minister said that the leadership of Mene had been instrumental to addressing the tariffs and operationalising discreet settlement and the Pan-African payment settlement system.
She said that the ministry was committed to continent-wide private chain approach, which had been done in the airline sector, adding that Africa will benefit from the operation of the approach.
According to her, concerning the move to the approach, we are already committed to custom facilitation.
“Custom has undertaken the commitment to hold a ground table in Nigeria before the end of early this year.
“This is to say that we are looking forward to continuing discussions in all preparative areas, and Nigeria is open for business under the framework of the AfCFA as well,”she said.
Oduwole thanked Mene for his commitment to ensuring effective implementation of the AfCFTA.
Speaking, Mene said that implementation of the AfCFTA was ongoing, while the effort had given room for more countries issuing certificates of origin.
“I was happy to be invited in 2024 when Nigeria was seeing off the first consignment and issuing the first certificate of origin.
“It was a very important step forward because Africa’s largest economy is open for business. That is what it demonstrated.
“This will encourage investment and create more job opportunities for young people,” he said.
Mene expressed appreciation to Nigeria for its strong leadership role and commitment towards a successful operationalisation of the AfCFTA.
INTRA-AFRICAN TRADE BARRIERS
Menawhile, Mene, has reaffirmed the commitment of AfCFTA to reducing and eliminating intra-African and investment barriers.
Speaking at a Round-Table on Nigeria’s Implementation of the AfCFTA Protocol in Abuja, Mene stated that these constraints hinder the continent from reaching its full potential.
He noted that the secretariat had developed a legal framework to help eliminate and reduce such barriers.
Mene emphasised that the protocol on women and youth in trade aimed to eliminate the barriers faced by young people and women-owned businesses.
“Our heads of states have told us in the shortest period of time, to eliminate these intra-Africa barriers, including free movement of persons.
“We are ready to eliminate these constraints,” he said.
The secretary-general also highlighted the importance of the Women and Youth on Trade and Digital Trade Protocol, which were adopted by heads of states in February 2024 to promote inclusive trade and development in Africa.
“These are two important protocols that complement each other,” he said.
Meme explained that they address the significant barriers faced by women-owned businesses and youth entrepreneurs in accessing new markets across the continent.
He added that the first certificate of origin issued by Nigeria was to a women-owned business, which enabled the business to access new markets outside Nigeria and ECOWAS.
“So these are the practical steps of working together with our development partners, that enable us to move beyond aspirations about women-owned businesses and businesses owned by young people,” he said.
Similarly, the Minister of Communication, Innovation and Digital Economy, Dr Olatunbosun Tijani, urged stakeholders to effectively implement the protocol on digital trade.
He stressed on the importance of strong collaboration to enhance investment in the African digital economy.
Meanwhile, Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, expressed her gratitude to all AfCFTA stakeholders for making the programme a reality.
“I believe in Nigeria, I believe in Africa, thank you for all your efforts in making our dreams a reality,” she said.
She noted that collaboration was key to supporting the growth of the economy.