Nigerian government has signed agreement under the Guided Trade Initiative (GTI) of the African Continental Free Trade Area (AfCFTA) Agreement to commence export of goods and services to a few countries outside ECOWAS regional block in April, 2024.
The Executive Secretary of the National Action Committee on AfCFTA, Olusegun Awolowo, disclosed this on Thursday in Abuja at a workshop themed ‘’Preparedness for AfCFTA Digital Trade Protocol’’.
According to Awolowo, GTI enables African countries to trade outside their regional blocks before the full implementation and commencement of trade under the AfCFTA, adding that ‘’We are hoping to start trading under the GTI by the end of April. So, It will be on record that Nigeria has now started export officially and formally’’.
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He said by the end of April, a few Nigerian companies will launch trading under GTI with South Africa, Kenya, Cameron and Rwanda which Federal Government has signed the agreement with.
He said: “I would like to take a moment to reflect on our successful engagement with critical stakeholders in Lagos on Tuesday, 5th March. The constructive discussions and invaluable insights shared during that event underscored the significance of collaborative efforts in harnessing the transformative potential of the African Continental Free Trade Area. Building upon the momentum generated in Lagos, today’s workshop serves as another crucial platform for us to delve deeper into the implications and opportunities presented by the Digital Trade Protocol.”
Awolowo noted that the adoption of the AfCFTA Digital Trade Protocol marks a significant milestone in our journey towards economic integration and digital transformation.
“It signifies our collective commitment to leveraging digital technologies to enhance intra-African trade, foster innovation, and drive sustainable economic growth. In the wake of this landmark achievement, it is imperative that we equip ourselves with the requisite knowledge and resources to seize the opportunities that lie ahead,” he noted.
In this regard, it is imperative that all stakeholders, particularly our esteemed Nigerian youth, embrace the AfCFTA Digital Trade Protocol as a catalyst for job creation, wealth generation, and socio-economic empowerment. The digital economy holds unparalleled potential to empower our youth, unleash their entrepreneurial spirit, and facilitate their meaningful participation in the global marketplace.
Speaking, the Senior Special Assistant to the President (Legal, Research & Compliance Matters in the Office of the Vice President), Bashir A. Maidugu, assured the AfCFTA Secretariat of the Federal Government support towards getting export started under the Agreement.
Maidugu called on Nigerian youth and ICT companies to take advantage of AfCFTA Digital Trade Protocol to gain more customers in the larger market of Africa.
