Nigeria Reaffirms Commitment to Harness AfCFTA for Economic Growth

Government Pushes for Regional Integration Through Trade Agreement

The Federal Government has reaffirmed its commitment to leveraging the African Continental Free Trade Area (AfCFTA) agreement to drive inclusive economic growth and regional integration across Africa.

Jumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment, made this announcement during a technical meeting of Nigeria’s AfCFTA Central Coordination Committee (CCC) in Abuja on Thursday.

Strategic Implementation of AfCFTA

Minister Oduwole emphasized that implementing the AfCFTA agreement aligns with President Bola Tinubu’s economic diversification agenda. “Since the agreement’s implementation in 2019, we’ve seen positive momentum among member states,” she stated.

Currently, 24 of the 55 African Union member states have signed the agreement, with 49 ratifying it. As Africa’s largest economy, Nigeria stands at a critical juncture in regional trade development.

Partnerships for Success

The minister acknowledged the United Nations Development Programme (UNDP) for its technical support, noting that such partnerships strengthen Nigeria’s AfCFTA implementation efforts.

“AfCFTA presents significant opportunities to reshape Nigeria’s trade strategy, expand our export footprint, and reduce vulnerability to global economic shocks,” Oduwole explained.

Comprehensive Assessment Underway

The ministry, with UNDP support, has launched a technical assessment of Nigeria’s AfCFTA implementation. This evaluation covers both Phase 1 and Phase 2 protocols across legal, policy, and institutional frameworks.

“Our goal is to identify gaps and realign our strategy to ensure Nigeria maintains effective leadership in continental trade,” the minister added.

Stakeholder Collaboration

Nura Rimi, Permanent Secretary of the ministry, noted the meeting would enhance policy coherence and coordination. Ify Ogo of UNDP reaffirmed their commitment to supporting Nigeria’s trade growth initiatives.

Related: Why Recalibrating Nigeria’s Trade Engine is an Economic Imperative

Source: NAN

Original article from Premium Times