Nigeria has launched the Guided Trade Initiative under the African Continental Free Trade Area (AfCFTA) to bolster intra-African trade and promote economic diversification.
The initiative, led by President Bola Tinubu, aims to unlock an estimated $50 billion in economic opportunities for Nigerian businesses.
President Tinubu emphasized AfCFTA’s transformative potential, stating that it serves not only as a trade agreement but also as a catalyst for industrialization, equitable growth, and continental prosperity.
“We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA,” Tinubu said.
The GIZ Country Director expressed Germany’s recognition of Nigeria’s proactive role in advancing regional economic integration and pledged support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies.
“Germany acknowledges Nigeria’s proactive stance in advancing regional economic integration and pledges support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies,” the country director stated.
Olusegun Awolowo, the National Coordinator of NACO, highlighted the significant impact of AfCFTA on Nigeria’s economy.
“The conversion of the National Action Committee on AfCFTA into NACO underscores Nigeria’s commitment to effective AfCFTA implementation, including finalizing tariff concessions to enhance competitiveness within the continental market,” Awolowo noted.
On her part, Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, reiterated Nigeria’s dedication to leveraging AfCFTA for industrial growth and job creation.
Also speaking, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, emphasized the strategic importance of the Guided Trade Initiative in driving Nigeria’s economic growth and fostering regional integration.
Experts say the initiative marks a significant step forward for Nigeria in the pursuit of greater economic collaboration and growth within Africa.
Others say the move indicates Nigeria’s commitment to leveraging regional trade agreements for national development.
In a related development, Afrinvest (West Africa) Limited, an investment management holding company, has forecasted a significant increase in capital inflow to Nigeria, anticipating it to reach a five-year high.
The projection is based on the latest data from the National Bureau of Statistics (NBS), which shows a remarkable year-on-year growth in total capital inflows.
According to Afrinvest’s recent report, total capital inflows in Q1 2024 surged by 198.1 per cent year-on-year, reaching $3.4 billion, the highest level since Q1 2020.
The report suggests that if this trend continues, Nigeria could see total capital importation hit $13.5 billion for the year.
