The Federal government has inaugurated the onboarding process for businesses and exporters that would s usher in the smooth implementation of the African Continental Free Trade Area (AFCFTA) for economic expansion.
Speaking on Thursday in Abuja, the Minister of Industry, Trade and Investment, Otunba Adebayo said the Guided Trade Initiative (GTI), an integral part of the AfCFTA, aims to facilitate and enhance trade activities by providing businesses and exporters with the necessary tools, knowledge, and support.
“The GTI recognizes the critical role that the private sector plays in driving economic development and aims to empower enterprises of all sizes to fully capitalize on the benefits offered by the AfCFTA.
“Today, I would like to highlight three key areas of focus that will guide our businesses under the AfCFTA, as we accelerate the implementation of this historic initiative”.
He explained that one of the primary objectives of the AfCFTA is to promote value addition and industrialization across Africa. “As we enter 2023 as the year for the Acceleration of AfCFTA Implementation as declared by the African Union Assembly of Heads of State and Government, it is crucial that our businesses prioritize the production of goods with higher value and sophistication.
“This entails moving up the global value chain, investing in research and development, and adopting advanced technologies. By embracing innovation and focusing on sustainable manufacturing practices, our businesses can enhance their competitiveness and contribute to the overall industrial development of our continent”,
Adebayo stated further that “to fully harness the potential of the AfCFTA, we must invest in human capital development and foster a skilled workforce.
“It is imperative that our businesses prioritize skills development initiatives, training programs, and knowledge-sharing platforms. By equipping our entrepreneurs and workers with the necessary skills, we can enhance productivity, stimulate innovation, and unlock the full potential of the AfCFTA. Collaboration with educational institutions, vocational training centres, and private sector organizations will be key to achieving this goal.
“Efficient trade facilitation and seamless logistics are essential for the success of the AfCFTA. To ensure smooth cross-border trade, we must address bottlenecks, simplify customs procedures, and enhance infrastructure.
“In the year 2023, our focus should be on streamlining border processes, reducing trade barriers, and implementing harmonized standards and regulations. By investing in modern trade infrastructure, such as transportation networks and digital platforms, we can create an enabling environment for businesses to thrive and compete globally.
“Today, as we inaugurate the onboarding process for businesses and exporters onto the GTI, we mark a significant milestone. This initiative will act as a compass, guiding businesses through the intricate landscape of trade, enabling them to navigate the challenges and seize the opportunities that lie ahead”.
The Minister noted that “through GTI, we intend to bridge the information gap, streamline processes, foster collaboration, and unlock the full potential of intra-African trade”.
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