AFCFTA implementation: Nigeria targets African market of 1.2 billion population ― Official

The Secretary, National Action Committee on African Continental Free Trade Area (AFCFTA), Francis Anatogu has disclosed that there are drafted strategies for Nigeria to adequately harness African single market with a population of over 1.2 billion people.

Speaking to newsmen in Abuja on Monday, Anatogu said AFCFTA seeks to eliminate 90% of Tariffs and reduce Non-Tariff barriers to enhance Intra-African trade across the continent and form the foundation of the establishment of a continental customs union thereby creating the largest single market in the world.

“For Nigeria, the AfCFTA will reenergize our country’s aspirations for industrialization and position Nigeria as the destination market for goods and services of the highest standards (finished or not) for the 1.2 billion consumers this agreement has brought to our doorstep. Traditionally over 80% of imports in Africa are sourced from Europe, Asia and America.

“For us, with Nigeria being greatly blessed with both natural and human resources, the AfCFTA drive is about looking inwards to push outwards” he stated.

The NAC Secretary said the AfCFTA sensitization efforts around the “country is to gain valuable input/insight that has guided us in the development of the National AfCFTA implementation plan which has been completed and undergoing adoption by the relevant public sector stakeholders.

“These activities have also led to the realization that, for the AfCFTA to be truly successful in Nigeria, there is a great need for the national strategy to be cascaded down to the sub-national level with State governments playing a major role.

“The first of the strategic goals in the implementation plan is to grow export capacity of every state to the tune of $1.2 billion with a focus on products where there is a competitive advantage”.

Anatogu explained that the “AfCFTA agreement main objective is to promote export trade, deepen the economic integration of the continent, create a single market for goods and services with free movement of Africans and investments among member countries”.

The AFCFTA implementation came into effect on January 1, 2021.

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