The Nigerian government, in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, is poised to launch the Preferential Trade under the AfCFTA Guided Trade Initiative (GTI) on July 16, 2024, at Apapa Port in Lagos.
The announcement was made in a statement signed by Olusegun Olutayo, Senior Trade Policy and Law Expert and Lead, Trade Enablement, Nigeria AfCFTA Coordination Office. The launch event will be led by President Bola Ahmed Tinubu, honoring the vision of Africa’s founding fathers to unify the continent and create shared prosperity. This initiative aligns with the administration’s renewed hope agenda.
Objectives and Significance
The launch marks Nigeria’s participation in the AfCFTA’s second phase of the Guided Trade Initiative, signaling a new era of intra-African trade. Nigerian businesses are enthusiastic and ready to export locally produced goods to markets across the continent, including Kenya, Cameroon, Uganda, Zambia, and Egypt.
The primary goals of the event are:
Demonstrating Nigeria’s capability to engage in AfCFTA trade.
Showcasing the potential of the GTI for intra-African trade.
Explaining the processes for engaging with the AfCFTA.
Demonstrating the readiness of AfCFTA State Parties and the AfCFTA Secretariat to support private sector businesses in utilizing the AfCFTA framework.
Leadership and Vision
Olusegun Awolowo, National Coordinator of the Nigeria AfCFTA Coordination Office, emphasized the importance of Nigeria’s participation in the AfCFTA preferential trade regime. “Nigeria signed the AfCFTA Agreement on July 7, 2019, becoming the 34th AfCFTA State Party. With a robust economy across different industries and a significant impact on value chains across the continent, Nigeria’s readiness for preferential trading under the AfCFTA regime will contribute immensely to repositioning the continental market as a global trade hub.”
Expected Attendees
The launch event will be attended by a host of dignitaries, including:
President Bola Ahmed Tinubu of Nigeria
George Akume, Secretary to the Government of the Federation
Wamkele Mene, Secretary-General of the AfCFTA Secretariat
Doris Nkiruka Uzoka-Anite, Minister of Trade, Industry and Investment of Nigeria
Wale Edun, Minister of Finance and Coordinating Minister of the Economy
Other government officials, international development partners, heads of businesses, and more.
This launch event is a crucial step in showcasing Nigeria’s commitment to AfCFTA trade and its readiness to lead in the continent’s economic integration and development efforts.
