In a strategic move to accelerate the implementation of the African Continental Free Trade Area (AfCFTA), the Federal Government has inaugurated a central coordination committee to oversee the process and drive Nigeria’s participation in the landmark trade agreement.
Speaking at the inauguration ceremony in Abuja, the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, emphasized that the committee is tasked with ensuring the seamless execution of Nigeria’s AfCFTA strategy. She noted that its composition includes representatives from both the public and private sectors, reinforcing a collaborative approach to advancing trade and economic integration across the continent.
AfCFTA, which connects 1.4 billion people and represents a combined GDP of $3.4 trillion, is regarded as a transformative initiative aimed at enhancing Africa’s competitiveness in the global market. Dr. Oduwole stressed that Nigeria remains fully committed to maximizing the benefits of the agreement, urging stakeholders to prioritize efficiency in its implementation.
Signed in 2018 and officially enforced in 2019, AfCFTA aims to create a single continental market for goods and services, facilitating trade, investment, and industrial growth while promoting inclusive economic development. The agreement is being rolled out in phases, with the initial protocols covering trade facilitation, services, and regulatory frameworks, while upcoming phases will address investment, intellectual property rights, digital trade, and increased participation of women and youth in commerce.
The minister further reaffirmed President Bola Tinubu’s directive to streamline the implementation process, calling for accountability and transparency in executing AfCFTA-related policies. She noted that Nigeria must play a leading role in Africa’s economic transformation, leveraging the agreement to drive industrial expansion and job creation.
Also speaking at the event, Mrs. Nonye Ayeni, Director-General of the Nigerian Export Promotion Council (NEPC), assured that the newly formed committee is committed to delivering tangible results that will enhance Nigeria’s trade capacity. Similarly, Mrs. Patience Okala, Special Adviser to the Minister, reiterated that AfCFTA presents a unique opportunity to stimulate economic growth and unlock new employment opportunities across the continent.
With this renewed focus on AfCFTA implementation, Nigeria aims to strengthen its position as a major economic force in Africa, fostering deeper trade integration and sustainable development across the region.
