Nigeria committed to harnessing AfCFTA potential for sustainable economic growth – Minister

The Federal Government has reiterated its commitment to harness the potential of the African Continental Free Trade Area (AfCFTA) agreement for inclusive, sustainable economic growth and regional integration.

Jumoke Oduwole, Minister of Industry, Trade and Investment, disclosed this on Thursday in Abuja, at a Technical Meeting of Nigeria’s AfCFTA Central Coordination Committee (CCC).

Ms Oduwole said the implementation of the AfCFTA agreement was a critical step in achieving President Bola Tinubu’s agenda for diversification and acceleration of economic growth.

“Since the entry into force of the agreement establishing the AfCFTA, together with its Phase 1 protocols on trade increases, trade and services, and the settlement of disputes in 2019, we have witnessed encouraging momentum as member states,” she said.

“Also, including Nigeria, begin implementing their obligations and advancing their decisions on Phase 2 protocols. Today, 24 out of the 55 African Union (AU) member states have signed the agreement and 49 have ratified it. At the moment, Nigeria, the Africa’s largest economy and its populous nation, stands at a crossroads.

“The disruptions to global economic development have led to an increase in trade. The global trade movement since the year 2020 has made it increasingly clear that traditional markets can no longer serve as the sole anchor of personal growth.”

The minister thanked the United Nations Development Programme (UNDP) for its strategic partnership and technical support, adding that the partnership would continue to strengthen collective effort in the implementation of the AfCFTA.

She said that AfCFTA represented enough opportunity to imagine Nigeria’s trade strategy and nurture new relationships within the continent, expanding export footprint and reducing vulnerability to global economic shocks.

“It is therefore a priority to increase trade, as well as to support the development of new technologies and the infrastructure of the AfCFTA. It is also a priority to strengthen the relationship between the UN Development Programme and the United States and to strengthen the partnership between the United Nations and the European Union (EU).

“This partnership will serve as a key factor in the development and implementation of the opportunities to re-engineer Nigeria’s trade strategy and nurture new relationships within the continent, expanding our export footprint and reducing vulnerability to global economic shocks.

“It is, therefore, a priority that we take a deliberate, evidential approach to our national implementation of the agreement,” she said.

Ms Oduwole said that the ministry, with the support of the UNDP, initiated a comprehensive technical assessment of AfCFTA implementation in Nigeria.

According to her, the exercise, led by a dedicated technical working group, will evaluate both Phase 1 and Phase 2 protocols, mapping Nigeria’s obligations across legal, policy, institutional, administrative and technical domains.

“Also, our goal is to assess progress, identify gaps, and realign our strategy to ensure Nigeria’s leadership in the continental trade landscape is both effective and sustainable.

“Our collaboration with UNDP has advanced the deployment of trade intelligence tools, policy advisory services, and capacity building programmes,” she said.

She said that the programme had empowered Nigerian businesses to navigate and benefit from the evolving continental trade landscape.

She noted that the interventions underscored resolve to embrace the AfCFTA as a veritable opportunity to deliver top transformation by enormous economic potential to tangible and sustainable growth.

The minister, however, urged all stakeholders to bring their expertise, critical thinking, and commitment for effective deliberation.

“The output of this review must not only be effective for our region, but must also provide actionable insights to enhance Nigeria’s implementation of the AfCFTA at the regional level.

“I urge us to approach this challenge with commitment and dedication in this sense. Together, we can position Nigeria not just as a participant, but as a leader in Africa’s economic and institutional journey,” she said

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Nura Rimi, Permanent Secretary of the ministry, said the meeting would enhance policy coherence, improve coordination mechanisms, and strengthen ability to meet Nigeria’s obligations under the agreement.

Ify Ogo, the UNDP Coordinator of the AfCFTA, said that the UNDP was committed to supporting Nigeria to think through opportunities that would attract investment and accelerate growth.

(NAN)