The executive secretary, national working committee, African Continental Free Trade Area AfCFTA), Nigeria, Mr Segun Awolowo, said Nigeria is set to join the second phase of the Guided Trade Initiative (GTI).
GTI is a solution-oriented approach that aims to facilitate trade between interested state parties by connecting businesses and products for export and import.
The head, strategic communications directorate of the national working committee, AfCFTA, Ms Mabel Aderonke, said in a statement that Awolowo expressed Nigeria’s readiness during an engagement with a delegation from AfCFTA secretariat and other critical stakeholders on the participation of Nigeria in AfCFTA.
Awolowo described Nigeria’s commitment to AFCFTA as “crucial” to boosting the nation’s economic growth.
He noted that the alliance would make Nigeria’s economic goals and objectives broader.
“We reached a milestone in the first phase of the GTI. This successful pilot project has brought about positive development changes, capacity-building initiatives, and growth in the economy by impacting trade between Nigeria and other AfCFTA member-states.
“As we prepare to join the second phase, it is to demonstrate and strengthen specific objectives and trade relations, particularly reducing trade barriers, streamlining customs procedures, ensuring infrastructure, and promoting value-addition with key industries.
“The new administration with its ‘Renewed hope agenda’ is focused on addressing challenges that hinder trade, such as improving logistics and transportation infrastructure. Simplifying customs procedures and strengthening trade-related institutions.
“The checklist received from Ghana after the completion of the first phase requires the fulfillment of certain obligations, which Nigeria has begun to process vigorously,” the statement said.
The release also quoted the director, trade in goods and competition, Mr Mohammed Ali, as saying that AFCFTA is a big train on a journey with the biggest economy in Africa, which is Nigeria.
“The heads of state and governments met virtually in 2021 and announced the commencement of the AfCFTA agreement. The AfCFTA is a very big train and it is a journey and this journey has leaders.
“The biggest leader is Nigeria, with the biggest economy in Africa. So any effort or step taken by Nigeria towards AfCFTA is two – one step for Nigeria and one for the rest of the world.
“We have concluded that trade agreement and opinion market is not the end goal. The end goal is to have economic advancement and industrialisation. We use the market access as a tool to attract more funds and relations to build our economies,” he said.
For her part, the permanent secretary, federal ministry of industry, trade and investment, Dr Evelyn Ngige, stated that the GTI will integrate micro, small and medium enterprises into a bigger supply chain as they don’t have to start going through the process of obtaining facilities beyond their reach.
“As being part of a larger supply chain, MSMEs will grow and move from micro to big markets that many people would want to be a part of,” she added.
