By Milcah Tanimu
Segun Awolowo, the Executive Secretary of the National Working Committee of the African Continental Free Trade Area (AfCFTA) in Nigeria, has affirmed the country’s readiness to engage in the second phase of the Guided Trade Initiative (GTI) launched by AfCFTA. The initiative seeks to enhance trade between participating countries by facilitating connections between businesses and products for import and export.
In a statement released on Thursday by Mabel Aderonke, Head of the Strategic Communications Directorate of the National Working Committee, AfCFTA, Awolowo revealed this commitment during a meeting with a delegation from the AfCFTA Secretariat.
Awolowo emphasized Nigeria’s dedication to AfCFTA, noting its significance in bolstering the nation’s economic growth. He explained that the alliance aligns with Nigeria’s broader economic objectives and will work towards enhancing trade relationships while reducing barriers and improving trade-related infrastructure.
“We reached a milestone in the first phase of the GTI. This successful pilot project has brought about positive development changes, capacity-building initiatives, and growth in the economy by impacting trade between Nigeria and other AfCFTA member-states,” Awolowo stated.
As Nigeria prepares to join the second phase of the GTI, the government is focusing on fulfilling specific objectives, including reducing trade barriers, streamlining customs processes, ensuring infrastructure development, and promoting value addition in key industries. The renewed commitment aligns with the nation’s “Renewed Hope” agenda, aiming to address trade-related challenges and improve logistics, transportation infrastructure, customs procedures, and trade-related institutions.
The second phase’s initiation follows a successful completion of the first phase, which has already demonstrated the potential for positive impacts on Nigeria’s trade relationships and economy. The Nigerian government is working to fulfill the obligations outlined in the checklist received from Ghana after the conclusion of the initial phase.
Mohammed Ali, Director of Trade in Goods and Competition, emphasized Nigeria’s pivotal role in AfCFTA, being the largest economy in Africa. He stressed that Nigeria’s efforts towards AfCFTA contribute not only to its own growth but also to the advancement of the entire continent. The ultimate goal of AfCFTA is to promote economic advancement and industrialization through improved market access and strengthened trade relationships.
The guided trade initiative is expected to integrate Micro, Small & Medium Enterprises (MSMEs) into larger supply chains, enabling their growth and expansion within more accessible markets. This move is anticipated to facilitate the transition of MSMEs from micro to substantial market players.