AfCFTA will deepen economic integration among African countries ― Minister

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, on Tuesday, said that the African Continental Free Trade Area Agreement (AfCFTA), would further deepen the economic integration amongst African countries.

Adebayo represented by the Director of Trade at the Ministry, Mr Aliu Abubakar, stated this during a meeting with Governor of Ogun State, Prince Dapo Abiodun, as part of the nationwide sensitization and sub-national engagement on the National Action Committee on AfCFTA, at Oke-Mosan, Abeokuta.

The Minister said AfCFTA would no doubt provide immense opportunities for Nigerian companies to expand Africa.

He explained that the AfCFTA agreement sought to create a single market for made in Africa goods and services while adding that it would eliminate tariffs on 90 per cent of tradeable goods over 5 years, for developing countries and 10 years for least developed countries.

Adebayo said the domestication of AfCFTA in states of the federation became necessary because of the gains the country stands to benefit from.

“It is for this reason that the National Action Committee on AfCFTA has commenced a nationwide sensitization across States to ensure that each State finds its voice in the overall vision and mission of AfCFTA.

“I am confident that Ogun State’s voice will be loud and clear in AfCFTA given what we have seen being a Gateway State with a lot to offer,” he added.

Abiodun in his remarks said his government would continue to identify with AfCFTA and create enabling environment for businesses to thrive.

The governor represented by his deputy, Engr (Mrs) Noimot Salako-Oyedele, added that the State would leverage the proximity to West African countries to promote trade and investment.

He added that trade can only be effective and efficient in an atmosphere of peace, submitting that his administration had invested in infrastructural development.

The State Commissioner for Finance, Mr Dapo Okubadejo, emphasized that Ogun would gain tremendously from AfCFTA.

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