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Segun Awolowo, the Executive Secretary of Nigeria’s National Working Committee for the African Continental Free Trade Area (AfCFTA), has affirmed the country’s readiness to participate in the second phase of the Guided Trade Initiative.
AfCFTA’s Guided Trade Initiative is an innovative approach aimed at fostering trade among interested state parties by facilitating connections between businesses and products for import and export.
In a statement released on Thursday by Mabel Aderonke, the Head of the Strategic Communications Directorate of the National Working Committee for AfCFTA, Awolowo revealed this commitment during a meeting with a delegation from the AfCFTA Secretariat.
Awolowo emphasized that Nigeria’s engagement with AfCFTA holds great importance for the country’s economic advancement, noting that this alliance will amplify Nigeria’s economic objectives and widen its horizons.
The statement read in part, “We achieved a significant milestone in the first phase of the GTI. This successful pilot project has led to positive developmental changes, capacity-building initiatives, and economic growth by enhancing trade between Nigeria and other AfCFTA member states.”
“As we prepare to participate in the second phase, our aim is to further demonstrate and solidify specific objectives and trade relationships, including the reduction of trade barriers, simplification of customs processes, infrastructure enhancement, and the promotion of value addition in key industries.”
Awolowo continued, “Under the new administration and its Renewed Hope agenda, the focus lies in addressing challenges hindering trade, such as enhancing logistics and transportation infrastructure, streamlining customs procedures, and reinforcing trade-related institutions.”
Highlighting Nigeria’s progress, Mohammed Ali, the Director of Trade in Goods and Competition, stated, “The AfCFTA is like a massive train journey with Nigeria, possessing the largest economy in Africa, as its lead. Any step taken by Nigeria toward AfCFTA carries a twofold significance—one for Nigeria and one for the global community.”
He added, “Our ultimate goal isn’t just about trade agreements or market access. It’s about achieving economic advancement and industrialization. We utilize market access as a tool to attract resources and collaborations to drive economic growth.”
Dr. Evelyn Ngige, Permanent Secretary of Nigeria’s Federal Ministry of Industry, Trade, and Investment, represented by Mr. Suleman Audu, noted that the Guided Trade Initiative will integrate Micro, Small & Medium Enterprises (MSMEs) into larger supply chains, eliminating the need for them to navigate complex processes to access resources.
“Inclusion in a broader supply chain will enable MSMEs to grow and transition from micro to significant markets, opening up new opportunities,” Ngige’s statement read.
Mr. John Nwajumogu, Special Adviser to the President on Industry, Trade, and Investment, also commented during the meeting, expressing a belief that while ambitious, the goals are achievable. He emphasized, “We recognize the intricacies involved, but they are surmountable challenges.”
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