Dr. Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council (NEPC), has underscored the urgency of expediting the implementation of the African Continental Free Trade Area (AfCFTA) to realize its commendable goals for both Nigeria and the broader African continent.
Highlighting this imperative, the NEPC Executive Director also revealed Nigeria’s preparedness to participate in the Guided Trade Initiative (GTI), a solution-focused approach aimed at facilitating trade among interested state parties by connecting businesses and streamlining export and import activities.
Represented by Architect Benedict Ndudi Itegbe, Deputy Director of NEPC and State Head of NEPC, Yakusak emphasized that fostering trade between African nations necessitates a methodical approach to address trade barriers and challenges. He expressed that NEPC has embarked on engaging stakeholders and seeking collaborations to expedite AfCFTA’s implementation.
“The GTI offers Nigerian businesses an arena to network and cooperate with counterparts across the African market. It will create opportunities for business-to-business linkages, enabling Nigerian enterprises to identify potential collaborators and suppliers across African countries,” said Yakusak.
He further highlighted that this initiative would foster innovation, knowledge sharing, and the expansion of existing markets. The appeal of joining GTI is evident, and he urged Nigerian businesses and exporters to seize this historical opportunity and be inspired by a sense of passion and nationalism.
“Nigeria’s involvement in GTI reflects our commitment to the success of AfCFTA and our determination to take a lead role in Africa’s economic integration,” Yakusak reiterated.
Yakusak pointed out that critical market access factors such as tariffs, non-tariff barriers, and preference utilization have been increasingly influenced by bilateral trade agreements across developing nations, including Nigeria. He stressed that NEPC continues to cultivate a private sector-driven economy through export-oriented product development.
Prince Tony Ikuomola, the State Director of Micro-, Small and Medium-sized Enterprises (MSMEs), lauded NEPC’s initiative, highlighting its potential to raise awareness among small business entrepreneurs and expose them to the vast opportunities in Africa’s exporting landscape. Ikuomola recognized the challenges faced by exporters due to limited financial support but assured that NEPC is implementing strategies to overcome these obstacles.
“We are implementing various measures to mitigate financial challenges. The forthcoming single-digit interest loan program, in partnership with leading banks such as Sterling, IBTC, and First Bank, is designed to alleviate this issue. Additionally, we’re planning to establish district offices to better serve the MSME community across Nigeria’s three senatorial districts,” Ikuomola explained.
The NEPC’s commitment to propelling Nigerian businesses onto the international stage and facilitating their integration into the wider African market through initiatives like the Guided Trade Initiative signifies a proactive approach towards harnessing the potential of MSMEs and fostering economic growth.
