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Home Business News Politics

FG meets group to access AfCFTA’s $650 billion market

Abiola Odutola by Abiola Odutola
August 10, 2020
in Politics
MSME, world bank, FG seeking FDI to develop Special Economic Zones - Trade Minister, FG clamps down on filling stations, others for faulty measuring and weighing equipment, AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG
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The Ministry of Industry, Trade and Investment has met with executives of the Nigerian Agribusiness Group (NABG) on the implementation of the African Continental Free Trade Area (AfCFTA) and access the continent’s market worth $659 billion, in mostly manufacturing goods and services.

This was disclosed by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo during the meeting on Monday.

READ: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc

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The minister emphasized on the importance of AfCFTA, as it is aligned to the ministry’s twin national objectives of industrialization and export based diversification. It provides us with a preferential access to African market worth over $650bn, in mostly manufactured goods .

Back story: Nairametrics had reported when Aissata Koffi Yameogo, ECOWAS’ Programmes Officer in charge of implementing AfCFTA rules of origin in the continent, said that the implementation will expand market for the manufacturing industry to 1.3 billion West African citizens, without additional duties and fees.

“It will build production capacity in the region and develop the value chain, and increased export to other African states” she added.

The benefits would also encourage member states to specialise in the production of a certain good where they have a comparative advantage, thus enhancing the quality and quantity of local production and creating more jobs.

He said, “This would improve our competitiveness and the perception of our products and services in the African market. Intra-African trade in Agro products and services will develop our local value chain, create jobs and increase our GDP.”

READ ALSO: Plentywaka raises $300,000, seeks partners as it launches operations in Abuja

Today, the Honourable Minister @NiyiAdebayo_ , had a meeting with executives of the Nigerian Agribusiness Group(NABG), on the implementation of the African Continental Free Trade Area (AfCFTA) Agreement. pic.twitter.com/GOhVzLVJb2

— FMITI Nigeria (@TradeInvestNG) August 10, 2020

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According to International Monetary Fund (IMF), the elimination of tariffs could boost trade in Africa by 15-25% in the medium term, and once fully implemented, is expected to cover all 55 African countries, with a combined GDP of about US$2.2 trillion.


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Tags: African Continental Free Trade Area (AFCFTA)Nigeria NewsOtunba Adeniyi AdebayoTrade
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

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Comments 1

  1. Ahmad Aminu musa says:
    June 6, 2021 at 11:31 pm

    Good one

    Reply

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