The Abuja Chamber of Commerce and Industry (ACCI) said that Nigeria has fervently prepared for the African Continental Free Trade Area (AfCFTA), which commenced on 1 January 2021.
ACCI added that they would launch a Monthly Monitoring Review Roundtable to access the development of the agreement in the continent and in Nigeria, citing the trade deal is a new beginning in Africa’s drive towards economic prosperity.
This was disclosed on Friday by Alhaji Al-Mujtaba Abubakar, President, ACCI, who said the ACCI would offer advice for the proper implementation in Nigeria.
The ACCI President said that AfCFTA is a continuation of the Pan African unity starting with the establishment of the Organisation of African Unity in 1963, citing the economic unity that would be ushered in with the signing of the agreement across the continent.
- “As a leading Chamber in Nigeria, ACCI is elated to be part of this historic occasion, a process in which we actively participated from the beginning to fruition. We want to note that Nigeria has been fervently preparing for this day, especially through the mobilization and strategic activities of the National Action Committee on readiness for the AfCFTA.’’
The ACCI boss said the agreement gives Nigeria the ability to increase its economic dominance on the continent through the services and manufacturing sector.
The ACCI also disclosed that a Monthly AfCFTA Monitoring Review Roundtable would be launched to monitor the development of the agreement in the areas of free trade and also covering issues related to the implementation.
What you should know
- Nigeria was the 34th African country to fully ratify and submit its Instrument of Ratification of the African Continental Free Trade Area (AfCFTA).
- The African Continental Free Trade Area (AfCFTA) is expected to open up Nigerian businesses to a market of over 1.2 billion people and a GDP of $2.5 trillion.
Francis Anatogu, the Senior Special Assistant to the President on Public Sector tasked all state governments to embrace the economic opportunities that the African Continental Free Trade Area (AfCFTA) offers.
- “We want them to take advantage of AfCFTA because as a Nation, we need to produce what we sell, we need to invest and attract investors. To attract investors, we need good policies, infrastructure and good conditions for ease of doing business. The AfCFTA is like a marathon – it’s a 10-year programme, which will take such a long time to achieve full liberalization of tariff plan. So, a number of practical steps need to be taken, including the tariff rules and the tariff rates that need to be worked out.”