AfCFTA: Preferential Trade begins in Nigeria on Tuesday

Blessing Taiwo

The Nigeria Africa Continental Free Trade Area (AfCFTA) has disclosed plans to commence the Preferential Trade under the Africa Continental Free Trade Area (AfCFTA) Guided Trade Initiative (GTI).

The official launch of the Preferential Trade is slated to hold on Tuesday, 16th July 2024 at Apapa Port, Lagos.

In a release by Olusegun Olutayo,
Senior Trade Policy and Law Expert /Lead Trade Enablement, Nigeria AfCFTA Coordination Office, at the weekend, the scheme is in line with the vision of Africa’s founding fathers to unite the continent and the renewed hope agenda of President Bola Ahmed Tinubu’s administration.

The launch is being convened by the Nigeria AfCFTA Coordination Office on behalf of the Government of the Federal Republic of Nigeria and the AfCFTA Secretariat.

According to the National Coordinator, Nigeria AfCFTA Coordination Office, Olusegun Awolowo, Nigeria signed the AfCFTA Agreement on 7 July 2019, becoming the 34th AfCFTA State Party.

“With a robust economy across different industries and a huge potential effect on value chains across the continent, Nigeria’s readiness and preparedness for preferential trading under the AfCFTA preferential trade regime would immensely contribute to repositioning the continental market as a global trade market and rallying point. Nigeria is ready to unleash an army of exporters into Africa,” Awolowo said.

The National coordinator stated that the key objectives of the initiative are —to demonstrate and showcase Nigeria’s trading under the AfCFTA, and that businesses in Africa can take advantage of the GTI to trade, as well as the processes through which the AfCFTA can be effectively engaged.

“It is an indication of the readiness of governments of State Parties to support private sector, businesses etc. take advantage of the AfCFTA. The launch signposts the readiness of the AfCFTA Secretariat to support the AfCFTA implementation by private sector and Member States.

“The launch of Nigeria’s participation in the second phase of the GTI signals a new dawn for trading under the AfCFTA as several Nigerian businesses are eager and prepared for export and shipment of indigenous products within the continent with Kenya, Cameroon, Uganda, Zambia and Egypt as target markets. This is to demonstrate Africa’s businesses’ ability and readiness to trade under the framework of the AfCFTA. Everything Africa needs for Africa is already in Africa,” he noted.

Expected dignitaries include the President of the Federal Republic of Nigeria, Secretary to the Government of the Federation, Secretary-General of the AfCFTA Secretariat, Minister of Trade, Industry and Investment of Nigeria, Minister of Finance and Coordinating Minister of the Economy, other Government Officials, Ministers Responsible for Trade, the Diplomatic Corps, International Development Partners, Heads of Businesses and the Press from the rest of the Continent.