The Federal Government has inaugurated the African Continental Free Trade Area Central Coordination Committee, aimed at enhancing Nigeria’s regional export capacity and positioning the country as a key player in the trade agreement.

The inauguration took place on Tuesday in Abuja, with the Minister of Industry, Trade and Investment, Jumoke Oduwole, expressing the importance of the initiative.

In her address, Oduwole emphasised that the committee’s formation marks a pivotal moment for Nigeria’s strategic involvement in the AfCFTA.

She said the agreement is vital for lifting 30 million Africans out of extreme poverty, increasing the income of nearly 70 million and boosting African trade exports by 29 per cent and intra-African exports by 81 per cent, raising the total from $294bn to $532bn.

“It is both a privilege and a significant moment to gather here today, united by a shared purpose, to launch a committee that will drive Nigeria’s strategic implementation of the African Continental Free Trade Area Agreement,” she said.

The AfCFTA, she noted, is one of Africa’s most transformative trade and economic initiatives.

The minister explained that the committee’s role, made up of 17 relevant government agencies and the organised private sector, is to provide clarity, structure, and cohesion to Nigeria’s international trade efforts.

“It represents more than just a trade agreement; it is a bold vision of integration, prosperity, and inclusive growth across our continent.

“With a market of 1.4 billion people and a combined GDP of $3.4 trillion, the AfCFTA offers Nigeria, and indeed Africa, an unprecedented opportunity to reposition itself in the global economy,” Oduwole said.

The minister also lauded President Bola Ahmed Tinubu for his leadership in advancing the implementation of the AfCFTA, noting that Nigeria’s proactive stance has garnered recognition both regionally and globally.

“The work ahead of us is both urgent and essential. The world is watching how Africa rises, and Nigeria must lead by example,” she added.

The AfCFTA aims to establish a single continental market for goods and services, facilitating investment, trade, and sustainable development between African countries.

The agreement is designed to promote gender equality, structural transformation, and industrial development across African economies.

The agreement has been structured into multiple protocols, with Phase One covering trading goods, services, and business development procedures.

Phase Two will address issues such as investment, intellectual property rights, competition policy, digital trade, and the inclusion of women and youth in trade.



https://punchng.com/govt-unveils-afcfta-committee-to-boost-regional-export/