10,000 SMEs ready for AfCFTA export by December — Adebayo

The Federal Government has launched the Guided Trade Initiative (GTI) that will prepare Nigerian exporters and small and medium enterprises, SMEs, for actual trade across borders under the African Continental Free Trade Area (AfCFTA) before the end of this year 2023.

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the GTI is the second phase of the implementation of the continental trade agreement and an integral part of the AfCFTA, aiming to facilitate and enhance trade activities by providing businesses and exporters with the necessary tools, knowledge, and support from the authorities.

The Minister made the disclosure recently at the Launching of GTI and workshop themed ‘’Connecting Nigerian Businesses to AfCFTA,’’ organised by the Secretariat of the National Action Committee on AfCFTA (NAC-AfCFTA) in collaboration with the Nigerian Export Promotion Council (NEPC).

According to the Minister, in a statement signed on Sunday by Mr. Olusegun Olutayo, Senior Senior International Trade Policy/Trade Law Expert, NAC-AfCFTA Secretariat, said the main objective of the GTI is to start trading under the preferences of the AfCFTA Agreement among an interested group of States Parties that are certified as having met the minimum threshold for the start of commercial meaningful trade.

Otunba Adebayo, added that the GTI also aims to achieve four specific objectives of Demonstrate the efficiency of the legal framework of the AfCFTA instruments; Obtain feedback on the effectiveness of the legal and institutional national systems in the participating countries; Test the readiness of the private sector to participate in trade under the AfCFTA; and Identify possible future interventions to increase intra-African trade and maximise the benefits of the AfCFTA.

Speaking, the Executive Secretary of the National Action Committee on the AfCFTA, Mr. Olusegun Awolowo, noted that participating in the Guided Trade Initiative offers strategic advantages that Nigeria’s businesses can leverage.

He said: “Strategic advantages that Nigeria’s businesses can leverage through GTI include: Enhanced Market Access, Increased Competitiveness, Economic Diversification, Job Creation and Poverty Alleviation.”

In his remarks, the Executive Secretary of the NEPC, Dr. Ezra continues, said while Nigeria’s export revenue continues to increase as result of new initiatives and government policies that created enabling environment for exporters, the AfCFTA will be a major boost for intra-African trade and Nigeria which is the largest economy in the continent.

Dr. Yakusak noted that the Guided Trade Initiative has attracted the trading interest and participation of seven State Parties – Cameroon, Egypt, Ghana, Kenya, Mauritius, Rwanda and Tanzania, representing the five regions of Africa.

He said: “The GTI is an important development and the latest attempt to start some preferential trade in goods under the auspices of the AfCFTA, while NEPC and other government agencies provided Nigerian businesses and exporters with needed guidance and support to navigate the complex trade landscape and fully exploit the potential of the agreement.”

The workshop attracted participants from the government institutions, trade missions in Nigeria, export associations, traders and members of the organised private sector.

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