The implementation of African Continental Free Trade Area (AfCFTA) has opened up new areas for trade opportunities.
Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said while receiving the Secretary-General of AfCFTA, Mr Wamkele Mene, who was on a courtesy visit to his office in Abuja.
She said that the implementation would stimulate investment and foster competitiveness for African businesses, as AfCFTA is aimed at making it easier and cheaper to move goods and services between countries.
“The AfCFTA in essence is the framework that has been long awaited by Nigeria and African youths.
“We have already began to see transformation with the elimination of tariffs on 90 per cent of goods traded across the continent.
“We have opened up new areas for trade opportunities to stimulate investment and foster competitiveness for African businesses,”she said.
The minister said that the leadership of Mene had been instrumental to addressing the tariffs and operationalising discreet settlement and the Pan-African payment settlement system.
She said that the ministry was committed to continent-wide private chain approach, which had been done in the airline sector, adding that Africa will benefit from the operation of the approach.
According to her, concerning the move to the approach, we are already committed to custom facilitation.
“Custom has undertaken the commitment to hold a ground table in Nigeria before the end of early this year.
“This is to say that we are looking forward to continuing discussions in all preparative areas, and Nigeria is open for business under the framework of the AfCFA as well,”she said.
Oduwole thanked Mene for his commitment to ensuring effective implementation of the AfCFTA.
Speaking, Mene said that implementation of the AfCFTA was ongoing, while the effort had given room for more countries issuing certificates of origin.
“I was happy to be invited in 2024 when Nigeria was seeing off the first consignment and issuing the first certificate of origin.
“It was a very important step forward because Africa’s largest economy is open for business. That is what it demonstrated.
“This will encourage investment and create more job opportunities for young people,” he said.
Mene expressed appreciation to Nigeria for its strong leadership role and commitment towards a successful operationalisation of the AfCFTA.
