The Nigerian government has established a central committee to oversee the effective implementation of the African Continental Free Trade Area (AfCFTA), aiming to boost economic growth and trade expansion.
Speaking in Abuja during the committee’s inauguration, Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, emphasized its role in steering Nigeria’s AfCFTA strategy.
She highlighted that the committee comprises representatives from both government and private sectors and described AfCFTA as a historic milestone in Africa’s trade and economic integration.
Oduwole underscored the vast potential of AfCFTA, which connects 1.4 billion people and a combined GDP of $3.4 trillion, positioning Africa for greater global competitiveness.
She noted that Nigeria’s commitment to the agreement has been widely recognized, urging stakeholders to ensure its swift and efficient execution.
Signed in 2018 and enforced in 2019, AfCFTA aims to establish a single continental market for goods and services, promoting investment, industrial growth, and inclusive development.
The agreement is structured in phases, with initial protocols covering trade facilitation, services, and business regulations, while subsequent phases focus on investment, intellectual property rights, digital trade, and youth and women’s participation in trade.
The minister reaffirmed President Bola Tinubu’s directive to streamline AfCFTA’s implementation, calling for collective accountability and transparency.
She stressed that Nigeria must take the lead in Africa’s economic transformation.
Director-General of the Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni, assured that the committee is committed to delivering tangible results.
Additionally, Special Adviser to the Minister, Mrs. Patience Okala, reiterated that AfCFTA presents opportunities for job creation and economic advancement across the continent.