President Muhammadu Buhari has expressed optimism that the African Continental Free Trade Agreement (AfCFTA) will boost Nigeria’s exports by more than 15 per cent, particularly in the areas of fishery, textile, leather, wood and papers, metals, electronics, vehicles and transport equipment.
He stated this at the ninth African Shippers’ Day with the theme: “African Continental Free Trade Agreement: A Veritable Platform for African Shippers’ to Mainstream into Global Trade,” holding in Lagos.
The president, who was represented by the Minister of State for Transportation, Mr Ademola Adegoroye, therefore called on African leaders to build the requisite infrastructure and also actively promote productive employment and a decent workplace, to explore the benefits of the AfCFTA.
According to him, for AfCFTA to have a positive influence on long-term investment in productive capacities, African government must develop appropriate supporting policies, build the requisite infrastructure and ensure an educated workforce.
“We will need to actively promote productive employment and decent workplace, women’s empowerment, food security and reduction in inequalities.”
“Following the AfCFTA reform, Nigeria’s exports will increase significantly to other African sub-regions, outside West Africa, with most impressive expansions to countries such as Botswana, Cameroon, Egypt, Ethiopia, Kenya, Malawi, Morocco, Mozambique, Namibia, Rwanda, Tanzania, Uganda and Zimbabwe.”
The President also stated that a cross-sectoral approach is needed to make AfCFTA possible to overcome the existing constraints to intra-African trade
“That is why the Nigerian government have intensified efforts aimed at identifying new opportunities for diversification and value chain development under the AfCFTA, and complementary actions considered necessary to overcome the existing constraints to intra-African trade.
“This, we will, achieve through cross-sectoral approach, considering not just trade, but also closely related areas such as agriculture, industry, macroeconomic management and infrastructure development.”
