Segun Awolowo, the Executive Secretary of the National Working Committee for the African Continental Free Trade Area (AfCFTA) in Nigeria, has announced the country’s enthusiastic participation in the second phase of the Guided Trade Initiative (GTI).
AfCFTA’s Guided Trade Initiative is a proactive strategy aimed at promoting trade between interested member states by facilitating connections between businesses and products for import and export.
In a statement released by Mabel Aderonke, Head of the Strategic Communications Directorate of the National Working Committee for AfCFTA, Awolowo expressed this commitment during a meeting with a delegation from the AfCFTA Secretariat.
Awolowo stressed the significance of Nigeria’s dedication to AfCFTA in enhancing the nation’s economic growth. He underlined that the alliance with AfCFTA will broaden Nigeria’s economic horizons and objectives.
The statement read in part, “Our successful completion of the first phase of the GTI has already yielded positive developments, including capacity-building initiatives and economic growth through enhanced trade with other AfCFTA member states. As we prepare to embark on the second phase, our focus remains on specific objectives and trade relations, such as reducing trade barriers, streamlining customs processes, enhancing infrastructure, and promoting value addition in key industries.”
Awolowo also acknowledged the efforts made by Nigeria’s new administration in addressing trade-related challenges, highlighting improvements in logistics, customs procedures, and trade-related institutions.
Mohammed Ali, the Director of Trade in Goods and Competition, emphasized the pivotal role Nigeria plays in the AfCFTA journey as the largest economy in Africa. He highlighted that the goal of the AfCFTA agreement is not just about trade agreements but about economic advancement and industrialization.
Dr. Evelyn Ngige, represented by Suleman Audu, from the Federal Ministry of Industry, Trade and Investment, noted that the GTI will enable Micro, Small & Medium Enterprises (MSMEs) to become part of a larger supply chain. This integration will allow MSMEs to access bigger markets without the burdensome process of securing facilities beyond their reach, fostering their growth and development.
Mr. John Nwajumogu, Special Adviser to the President on Industry, Trade, and Investment, acknowledged the ambitious nature of the initiative while expressing optimism that challenges can be overcome.
In summary, Segun Awolowo’s announcement of Nigeria’s participation in AfCFTA’s Guided Trade Initiative’s second phase underscores the country’s commitment to expanding its economic opportunities and cooperation with other member states, with a focus on reducing trade barriers, enhancing infrastructure, and fostering economic growth.