The Federal government has announced the launch of a 5 years African Continental Free Trade Area (AfCFTA) implementation review in a bid to track the progress of the initiative.
Speaking in Abuja at a roundtable stakeholders meeting on AfCFTA, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole commended Nigeria’s pivotal role in the development and implementation of the AfCFTA Agreement, including chairing the Negotiating Forum that delivered the agreement.
She underscored Nigeria’s active engagement in aligning regulatory frameworks with AfCFTA Protocols on investment, digital trade, intellectual property rights, and competition policy.
“I am proud to announce the launch of Nigeria ‘s 5 years AfCFTA implementation review, a pivotal assessment to track progress, seize new opportunities and ensure the nation capitalized on the AfCFTA transformative potentials” the Minister stated.
Oduwole explained that Nigeria is a leader in digital trade within AfCFTA, “for example, the 3 Million Tech Talent Program and more to close knowledge gaps in the digital ecosystem.
“There is compelling data on Nigeria’s digital economy with the ICT sector contributing 20% to GDP (Q2 2024)”.
She said E-commerce spending is projected to reach $75 billion by 2025 while Digital trade revenue grew from $5.09 billion in 2019 to a projected $18.3 billion in 2026.
“Nigeria’s progress in updating its trade policy to align with AfCFTA objectives, including; Submission of Nigeria’s Schedule of Tariffs and Services; Enhanced private sector engagement to foster readiness for intra-African trade opportunities; Trade Facilitation and Ease of Doing Business”.
The Minister listed economic benefits of AfCFTA to include an Increased GDP growth (estimated 15%-17% increase), creation of 11 million new jobs across sectors, expansion of Nigeria’s export capacity by at least 15%,
amounting to $79 billion in increased exports.
“I would like to emphasize the importance of partnerships with stakeholders such as Afreximbank and the launch of the $1 billion Automobile Industry Facility Fund to support industrialization efforts”.
She therefore called for continued dialogue and capacity building to ensure inclusivity and the successful implementation of the
AfCFTA.
In his address, the Secretary-General of AfCFTA, Wamkele Mene commended the Nigerian government for her contribution towards the establishment of AfCFTA.
“Today, I am delighted to emphasize the transformative potential of the AfCFTA and its implications for Nigeria. As many of you are aware, the AfCFTA is more than a trade agreement; it is a bold and ambitious vision for Africa’s future, one that seeks to unlock our continent’s vast economic potential through deeper integration and strengthened cooperation.
“Since the AfCFTA was operationalized in January 2021, significant progress has been made. In market access, 49 countries have submitted Provisional Schedules of Tariff Concessions (PSTCs), with 46 verified and adopted. Sixteen Member States have finalized their tariff schedules, with ongoing efforts to complete Categories B and C.
“The adoption of Annex 2 on Rules of Origin marks a major milestone, with 92.43% of tariff lines finalized. Remaining sectors, such as textiles, apparel, and automotive, are set to be concluded by October 2025”.
He said “Forty-eight Member States have submitted initial services offers in the five priority sectors (financial, communications, transport, tourism and business services). Out of these initial offers, 22 Schedules of Specific Commitments have been adopted by the AU Assembly.
“To streamline trade processes, we have introduced the E-Tariff Book, NTB reporting platform, and E-Certificate of Origin, which reduce costs and enhance transparency. Additionally, the Transit Guarantee Scheme and Guidelines for Accelerated Customs Clearance address operational inefficiencies, expedite trade flows, and support food security”.
Mene stated that the adoption of the AfCFTA Protocol has led to draft regulations on mergers, abuse of dominance, and the establishment of a Competition Tribunal and Competition Networks.
“These measures foster fair competition, drive innovation, and enhance trade efficiency” he noted.
READ MORE FROM: NIGERIAN TRIBUNE
