The National Action Committee (NAC) on African Continental Free Trade Area (AfCFTA) is developing a national AfCFTA implementation strategy prior to the take-off of the agreement on 1st January 2021.
This was disclosed by the Secretary of the Committee, Mr. Francis Anatogu, at the technical session of the 12th meeting of the National Council on Industry, Trade and Investment held in Abuja recently.
According to Anatogu, the committee has already set up 14 workstreams along three thematic areas which include trade in goods, trade in services and trade enablement and said, “The Policy Regulations and Laws Team have started the process of identifying the critical elements of the agreement which will lead to its domestication.
“Most of our laws need a bit of improving, not just because of AfCFTA but because some of the laws are passed a long time ago even before independence and have become outdated.
“At the continental level, we must make sure that the rules under AfCFTA are obeyed, this is critical.”
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According to him, the committee is strategizing on how Nigeria’s export volume can double by the year 2030 and as well identifying key sectors, services and products which could be the best supplier in Africa. The ambition of AfCFTA is to give access to a trillion dollars per annum African market as well as removing duty on 90% of tradable goods while liberalising five sectors including financial services, transportation, business services, tourism and communications.
What you should know
- The National Action Committee (NAC) was established in December 2019 to guide Ministries, Departments and Agencies (MDAs) and the organised private sector on AfCFTA implementation.
- The main objectives of the AfCFTA are to create a continental market for goods and services, with free movement of people and capital, and pave the way for creating a Customs Union – growing intra-African trade through better harmonisation and coordination of trade liberalisation across the continent.
- Nigeria had already submitted its Instruments of Ratification of the AfCFTA, becoming the 34th African country fully do so, ahead of the deadline of 5th December 2020
- The agreement goes into effect from the 1st of January 2021.