Nigeria has embarked on a groundbreaking initiative with the launch of the Guided Trade Initiative under the African Continental Free Trade Area (AfCFTA), marking a pivotal moment in boosting intra-African trade and fostering economic diversification.
Spearheaded by President Bola Tinubu, this initiative is expected to unlock an estimated $50 billion in economic opportunities for Nigerian businesses.
President Tinubu highlighted AfCFTA’s transformative potential, positioning it not merely as a trade agreement but as a catalyst for industrialization, equitable growth, and continental prosperity. Nigeria remains committed to creating an enabling business environment that fosters innovation and enhances the competitiveness of local enterprises across diverse sectors.
The launch event, supported by international partners such as the German Ministry of Economic Cooperation (BMZ), celebrated Nigeria’s leadership role in AfCFTA’s implementation. Svenja Ossman, representing the GIZ ECOWAS Cluster Coordinator, emphasized Germany’s commitment through the ECOWAS AfCFTA project, aimed at strengthening the implementation framework across West Africa.
“We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA,” stated Ossman. “Germany acknowledges Nigeria’s proactive stance in advancing regional economic integration and pledges support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies.”
The GIZ ECOWAS AfCFTA support project has been instrumental in providing technical assistance to Nigeria through the AfCFTA National Action Committee, now known as the Nigeria AfCFTA Coordination Office (NACO). This support includes the development of a comprehensive Action Plan aimed at optimizing trade facilitation and maximizing opportunities for Nigerian businesses, including women and youth entrepreneurs.
“We commend Nigeria’s dedication in preparing the AfCFTA implementation Action Plan,” Ossman continued. “In collaboration with relevant Ministries, Departments, and Agencies (MDAs), we anticipate finalizing this plan to ensure robust financial and institutional support for its successful rollout.”
Olusegun Awolowo, National Coordinator of NACO, emphasized the transformative impact of AfCFTA on Nigeria’s economic landscape. The conversion of the National Action Committee on AfCFTA into NACO underscores Nigeria’s commitment to effective AfCFTA implementation, including finalizing tariff concessions to enhance competitiveness within the continental market.
Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, reiterated Nigeria’s dedication to leveraging AfCFTA for industrial growth and job creation. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the strategic importance of the Guided Trade Initiative in propelling Nigeria’s economic growth and fostering regional integration.
President Tinubu concluded the event by affirming Nigeria’s commitment to assuming a leadership role in continental and global trade through AfCFTA. Beyond immediate economic gains, AfCFTA promises a transformative future for all Africans, grounded in collaboration, innovation, and the collective strength of the continent.
