Nigeria has pledged to ensure a quick implementation of the African Continental Free Trade Agree, AFCFTA. The assurance was given by newly appointed Trade Minister, Mrs Jumoke Oduwole shortly after taking oath of office yesterday.
Oduwole emphasised the need for Nigeria to optimally utilise the AFCFTA to boost intra-African trade. Also, she promised to work towards a reversal of some trade policies in Nigeria in order to make the country more competitive and export driven.
The AFCFTA deal was brokered by the African Union and officially took off in 2021. It was crafted to enhance trade within Africa by creating a single market, ensuring access to capital as well as setting up a customs union. The deal also seeks to set up a single trade market with a combined GDP of $3.4 trillion and a growth projection of $16.5 trillion.
However, three years after, the deal has faced so many challenges including the workability of the Pan-African Payment and Settlement System (PAPSS). In addition, international business owners are lamenting various inadequacies which had continued to hinder cross-border trade.
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To address these issues, Nigeria has pledged a quick implementation of the deal by working with other partner countries who are party to the deal. A prompt implementation of this agreement by Nigeria would facilitate a smooth take off given how important the Nigerian economy is to Africa.
