Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment, says ECOWAS implementation strategy documents for African Continental Free Trade Area (AfCFTA), and directives on consumer protection will promote digital trade and harmonise trade policies.
Oduwole said this at a 4th Joint Meeting of the ECOWAS Ministers of Trade and Investment (ECO-MOTI) on Thursday in Abuja.
She said that the Federal Government adopted regional trade instruments, including ECOWAS e-commerce strategies and implementation plan 2023 to 2027, ECOWAS implementation strategy for the AfCFTA and directives on consumer protection.
“These instruments are designed to harmonise our trade policies, promote digital trade and safeguard consumer rights, thereby laying a robust foundation for economic growth and integration.
“However, despite these laudable advancements, challenges persist.
“Formal inter-regional trade remains low, hovering around seven per cent, highlighting the need for more effective implementation of our trade policies.
“Non-tariff barriers, infrastructural deficits and regulatory inconsistencies continue to impede the free flow of goods and services across our borders,” the minister said.
She said that the recent global disruptions have also underscored the urgency of diversifying economies of African countries.
“We need to strengthen our industrial bases and nurture new partnerships,” she said.
Oduwole said that the gathering stood as a testament to the collective commitment to advance regional integration, foster industrial development and enhance trade within the community.
She said that both regionally and continentally, under the AfCFTA framework, there were critical areas that required focused attention.
According to her, as we convene, let us deliberate on these pressing issues with renewed vigor.
“As we move forward, let us work together for our shared vision. Our discussion should aim to identify actionable strategies to bridge policy gaps, enhance trade facilitation and foster industrial competitiveness.
“By doing so, we can unlock the full potential of our region, ensuring sustainable economic development and improved livelihoods for our citizens.
“I look forward to our fruitful deliberations and the impactful resolutions that will emerge from this meeting,” she said.
The Minister of State for Industry, Sen. John Owan Enoh, said that the essence of the meeting was to deepen economic ties and foster sustainable industrial growth.
Enoh commended the ECOWAS commission for its mandate to facilitate inter-regional growth, as well as trade and investment participants.
“As we engage in this robust deliberation, my hope is that we are going to cease this moment to reflect on how this strategic evolution can be leveraged to advance regional cooperation.
“Let us work collaboratively as we lay solid economic foundation that will uplift our nations and secure a more prosperous future for generations to come.
“My hope is that at the end of this meeting, the outcomes here will be impactful, as they will be transformative,” he said.
