Segun Awolowo, the Executive Secretary of Nigeria’s National Working Committee for the African Continental Free Trade Area (AfCFTA), has affirmed the nation’s readiness to participate in the second phase of the Guided Trade Initiative (GTI). AfCFTA’s GTI represents a proactive strategy aimed at promoting trade among interested state parties by facilitating the connection of businesses and their export-import activities.
In an official statement released on Thursday by Mabel Aderonke, Head of the Strategic Communications Directorate of the National Working Committee, Awolowo highlighted the pivotal role of Nigeria’s engagement in AfCFTA’s journey to amplify the nation’s economic growth. This engagement, he emphasized, will broaden Nigeria’s economic horizons, aligning with its overarching goals and objectives.
Awolowo emphasized the significance of the first phase of the GTI, lauding its achievements in fostering positive developmental changes, enhancing capacity-building initiatives, and fostering economic growth through increased trade between Nigeria and other AfCFTA member states. As Nigeria prepares for the second phase, its objectives include the reduction of trade barriers, streamlining customs procedures, bolstering infrastructure, and promoting value addition within key industries.
In alignment with Nigeria’s Renewed Hope agenda, which is geared toward surmounting trade hindrances, improving logistics and transportation infrastructure, and simplifying customs procedures, the nation is determined to fulfill its obligations for the successful implementation of AfCFTA’s GTI.
Commenting on Nigeria’s pivotal role, Mohammed Ali, Director of Trade in Goods and Competition, underscored that Nigeria stands as a major leader on AfCFTA’s transformative journey, given its status as the largest economy in Africa. He emphasized that any step taken by Nigeria toward AfCFTA’s objectives resonates not only for the nation but also for the global economic landscape.
Dr. Evelyn Ngige, represented by Mr. Suleman Audu, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, highlighted the GTI’s potential to integrate Micro, Small & Medium Enterprises (MSMEs) into larger supply chains. This integration would empower these enterprises to evolve from micro-level operations to more expansive markets, contributing to economic advancement and industrialization.
Mr. John Nwajumogu, Special Adviser to the President on Industry, Trade, and Investment, acknowledged the ambitious nature of the endeavor while expressing confidence in Nigeria’s ability to overcome complexities and drive the nation’s progress on the AfCFTA platform.
Nigeria’s participation in AfCFTA’s Guided Trade Initiative Phase 2 is poised to not only enhance its economic landscape but also to exemplify its leadership in propelling continental economic advancement and fostering mutually beneficial trade relations.
