Experts in the trade and investment sector have called on relevant stakeholders to collaborate with the Federal Government, for an efficient execution of the African Continental Free Trade Area (AfCFTA).
The experts said such collaboration would enhance opportunities for continental trade and promote competitiveness in various businesses.
They expressed their views in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Abuja.
Mr Williams Osaze, President, Promotion for the People’s Right, a Non-Governmental Organisation (NGO), said that the implementation of the AfCFTA would enhance strong partnership between Nigeria and other African countries.
Osaze said that the AfCFTA was set to change Africa’s production and trade landscape.
The president explained that the implementation of African Union’s Green Recovery Action Plan (GRAP) and the AfCFTA provide an efficient opportunities to build resilient and green intra-continental trade and investment.
“This, however, identifies several priorities for cooperation in the coming five years, to support a resilient and green economic recovery.
“The plan is articulated within Agenda 2063 of African Union (AU) which aims at transforming the economies of Africa by increasing intra-continental trade and investment,” he said.
According to him, the AfCFTA is expected of benefit to Nigeria and other African countries by increasing trade, creating jobs and attracting investment.
He said that the AfCFTA would also increase Nigeria’s Gross Domestic Product (GDP) and contribute to external reserves.
Osaze advised government to improve on infrastructure by enhancing transportation networks, such as roads, railways and air travel, to facilitate trade within the continent.
Dr David Osage, an Economist and a Civil Servant, said that African countries were taking several steps to promote the AfCFTA.
Osage said that the AfCFTA would boost the manufacturing sector and increase the number of companies on the Nigerian Stock Exchange.
He added that other African countries would as well benefit, if the AfCFTA was effectively implemented.
The economist emphasised the need for relevant stakeholders to strongly collaborate with government and other African investors to enhance and promote trade facilities.
He also advised the government to work with the Nigeria Custom Service (NCS) to reduce delays and costs associated with trading across borders.
Mr Nelson Nnamdi, a businessman, expressed his excitement over the move for the implementation of the AfCFTA.
Nnamdi, also an economist, noted that by implementing the AfCFTA, African countries aimed to create a more integrated and competitive market, which would boost economic growth and development across the continent.
Meanwhile, Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, had said that the implementation of the AfCFTA had opened up new areas for trade opportunities.
Oduwole said that the move would stimulate investment and foster competitiveness for African businesses, as AfCFTA aimed at making it easier and cheaper to move goods and services between countries.
She said that the ministry was working with the NCS to ensure a strong implementation of the AfCFTA.
“The NCS 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.
The Secretary-General of the AfCFTA, Mr Wamkele Mene, during a courtesy visit to the minister recently, had said that the implementation of the AfCFTA was ongoing.
He added that 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.
“The implementation of the AfCFTA will encourage investment and create more job opportunities for young people,” he said.
NAN reports that free trading under the AfCFTA began on Jan. 1, 2021, after several years of negotiations, while the trade agreement was signed in March 2018 and entered into force in May 2019.
The AfCFTA is a step toward Africa’s aspiration for regional integration.
It creates a single market for goods and services and aims at boosting intra-African trade by reducing tariffs and addressing non-tariff barriers like customs delays.
