Uncategorized - July 19, 2024

Nigeria Launches Guided Trade Initiative Under AfCFTA

Espinews July 19, 2024

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Nigeria has embarked on a historic endeavor with the launch of the Guided Trade Initiative under the African Continental Free Trade Area (AfCFTA), signaling a pivotal moment in boosting intra-African trade and fostering economic diversification. Spearheaded by President Bola Tinubu, this initiative is anticipated to unlock an estimated $50 billion in economic opportunities for Nigerian businesses.

President Tinubu underscored AfCFTA’s transformative potential, positioning it not merely as a trade pact but as a catalyst for industrialization, equitable growth, and continental prosperity. Nigeria is steadfast in creating an enabling business environment that fosters innovation and enhances the competitiveness of local enterprises across diverse sectors.

The launch event, supported by international partners such as the German Ministry of Economic Cooperation (BMZ), celebrated Nigeria’s leadership role in AfCFTA’s implementation.

The Country Director for GIZ Nigeria and ECOWAS, represented by GIZ ECOWAS Cluster Coordinator, Svenja Ossman, highlighted Germany’s commitment through the ECOWAS AfCFTA project, aimed at bolstering the implementation framework across West Africa.

“We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA,” stated the GIZ country director.

“Germany acknowledges Nigeria’s proactive stance in advancing regional economic integration and pledges support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies.”
Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, reiterated Nigeria’s dedication to leveraging AfCFTA for industrial growth and job creation. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the strategic importance of the Guided Trade Initiative in propelling Nigeria’s economic growth and fostering regional integration.

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