Stakeholders have said that the African Continental Free Trade Area Agreement has the potential to grow trade value in Nigeria to the tune of $12 billion by 2027.
This was disclosed during the Nigeria AfCFTA implementation strategy validation held in Lagos. They said the agreement could also reduce trade cost by 20 per cent by facilitating the enactment of an omnibus bill on the AfCFTA.
Taking the lead former Secretary, NAC-AfCFTA, Francis Anatogu said the agreement would execute trade facilitation and infrastructure programmes to improve competitiveness.
“AfCFTA will grow trade value to $12 billion, reduce trade cost by 20 per cent by facilitating enactment of an omnibus bill on AfCFTA,” he said.
Also, the Senior Adviser to the United Nations Economic Commission For Africa, (UNECA) Adeyinka Adeyemi, noted that the principle for success lay in strategy.
A Consultant with UNECA, Prof. Bankole Abiodun said within the Strategy Document, policies that would need updating have been identified.
The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Evelyn Ngige, represented by the Director, Special Duties, Dr. Simon Omo-Ezomo said AfCFTA was poised to capture 10 per cent of its global imports to double Nigeria’s export revenue by 2035.
