Abuja: The Federal Government has reiterated its commitment to fully harness the potential of the African Continental Free Trade Area (AfCFTA) agreement for inclusive, sustainable economic growth and regional integration. Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, disclosed this at a Technical Meeting of Nigeria’s AfCFTA Central Coordination Committee (CCC).
According to News Agency of Nigeria, Oduwole emphasized that the implementation of the AfCFTA is a critical step in achieving President Bola Tinubu’s agenda for diversification and acceleration of economic growth. She noted that the agreement, together with its Phase 1 protocols on trade increases, trade and services, and the settlement of disputes since 2019, has encouraged momentum among member states. Currently, 24 out of the 55 African Union (AU) member states have signed the agreement, and 49 have ratified it.
The minister expressed gratitude to the United Nations Development Programme (UNDP) for its strategic partnership and technical support, which she believes will continue to strengthen collective efforts in implementing the AfCFTA. She emphasized the importance of the AfCFTA in creating opportunities, expanding export footprints, and reducing vulnerability to global economic shocks. Strengthening relationships with entities like the United States and the European Union is also a priority, as is the development of new technologies and infrastructure.
Oduwole highlighted that the ministry, with UNDP’s support, has initiated a comprehensive technical assessment of AfCFTA implementation in Nigeria. This exercise, led by a dedicated technical working group, aims to evaluate both Phase 1 and Phase 2 protocols, mapping Nigeria’s obligations across various domains. The goal is to assess progress, identify gaps, and realign strategies to ensure Nigeria’s effective and sustainable leadership in the continental trade landscape.
She noted that the collaboration with UNDP has advanced trade intelligence tools, policy advisory services, and capacity-building programs, empowering Nigerian businesses to benefit from the evolving continental trade landscape. She urged stakeholders to contribute their expertise and commitment to effective deliberation, aiming to enhance Nigeria’s implementation of the AfCFTA at the regional level.
Amb. Nura Rimi, Permanent Secretary of the ministry, added that the meeting would enhance policy coherence, improve coordination mechanisms, and strengthen Nigeria’s ability to meet its obligations under the agreement. Dr. Ify Ogo, the UNDP Coordinator of the AfCFTA CCC, affirmed UNDP’s commitment to supporting Nigeria in attracting investment into the AfCFTA.