Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business

AfCFTA committee says infrastructure deficit will not inhibit Nigeria’s participation

Omokolade Ajayi by Omokolade Ajayi
January 7, 2021
in Business
Q1 2020, AfCFTA, African Continental Free Trade Area, Africa Free Trade Agreement, Business new, Nairametrics news, AfCFTA: Promoting Non -Oil revenue will maximize agreement for Nigeria - NESG

Containers at the port

Share on FacebookShare on TwitterShare on Linkedin

The National Action Committee on the African Continental Free Trade Area (AfCFTA) for Transportation has stated that the transportation infrastructure deficit would not deter the country from participating in the trade agreement.

This statement was made by Ms Funmi Folorunsho, AfCFTA’s co-Chairman on transportation during an interview with the News Agency of Nigeria (NAN) in Lagos.

During the interview, Ms Folorunsho said that Nigeria was ready and working and that the issue of infrastructure deficit is not unique to Nigeria.

RelatedPosts

Governor Sanwo-Olu highlights benefits of the implementation of the AfCFTA

FG says Public Private Partnership required for AfCFTA to work in Nigeria

In her subsequent statement, she explained that the United Nations Conference on Trade and Development (UNCTD) report for 2020 clearly stated that for the Africa free trade area to work, the deficit in infrastructure should be looked into. However, figures and details had been outlined in the report that the infrastructure deficit was not peculiar to Nigeria.

In this regard, she rightfully pointed out that a need assessment must be done with a view to filling in those gaps. As it is important to identify the gap between the need and what was in existence, to proffer a lasting solution to filling the infrastructural gap in the nation.

News continues after this ad


While commenting on the state of land transportation infrastructure, she said there was a need to expand into the bigger African market, and in this regard, the rail network that is being developed would play a major role in this area.

She also pointed out that aviation would be a big market, stating that Ethiopian Airline, for example, was still doing transportation service for medical and other services throughout the COVID-19 lockdown.

News continues after this ad


What they are saying

Ms Funmi Folorunsho, AfCFTA’s National co-Chairman on transportation said:

  • “There must be coordination among all the modes of transport by the government at public and private sector level. The three ministries must be talking with each other for the purpose of taking optimum benefit of the African Free Trade Area. I know there is not much private sector involvement and participation in the rail, but there is quite a beef in other modes of transportation, so everyone in the private sector must work together now that we have a bigger market to trade.”

While speaking about the importance of Aviation companies in this regard, she said:

  • “I am looking at Medview, IbomAir, they need to sit together and start looking at the enabling environment for themselves outside of the country. There can also be a synergy of airlines, African airlines can have discussions; wherever Ghana or Kenya airline stops, either Airpeace or Ibom Airline can pick from there, as this is a hugely competitive market for everyone.”

What you should know

  • It is important to note that 54 African countries, including Nigeria, ratified the African Continental Free Trade Area (AfCFTA), the trade agreement which started on January 1st 2021.
  • The agreement initially requires members to remove tariffs from 90 per cent of goods – this is expected to allow free access to commodities, goods, and services across the continent while the United Nations Economic Commission for Africa estimates that the agreement will boost intra-African trade by 52 per cent by 2022.
  • AfCFTA will help to unlock a market of 1.2 billion Africans with a combined GDP of $3 trillion through the AfCFTA (African Continental Free Trade Agreement).
  • The synergy from trade by all countries under the AfCFTA, the largest trade bloc in the global economy since the 1995 WTO establishment, is expected to boost Africa’s cumulative GDP to $29trillion by 2050, as estimated by the United Nations Economic Commission for Africa.

Related

Tags: AfCFTAAfrican Continental Free Trade AreaUNCTDUnited Nations Conference on Trade and Development

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Strong resistance at $2,000 sends Ether below $1,900
    • Why CBN interest rate hikes may fail to reduce Nigeria’s inflation
    • High cost of Aviation fuel major, a driver of July inflation rate – LCCI

    Follow us on social media:

    Recent News

    Ether balance on centralized exchanges falls to levels not seen since 2018

    Strong resistance at $2,000 sends Ether below $1,900

    August 16, 2022
    CBN cautions microfinance banks against forex transactions and wholesale banking

    Why CBN interest rate hikes may fail to reduce Nigeria’s inflation

    August 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com