In a significant move towards enhancing intra-African trade and economic integration, Nigeria is set to launch its Preferential Trade initiative under the Africa Continental Free Trade Area (AfCFTA) Guided Trade Initiative (GTI) on July 16, 2024, in Lagos.
The announcement was made in a statement signed by Olusegun Olutayo, senior trade policy and law expert and lead, trade enablement, Nigeria AfCFTA coordination office. The launch ceremony will be led by President Bola Ahmed Tinubu, aiming to honor the vision of Africa’s founding fathers to unify the continent and create shared prosperity, aligning with the administration’s renewed hope agenda.
The launch of Nigeria’s participation in the second phase of the GTI marks a new era of intra-African trade. Several Nigerian businesses are eager and prepared to export and ship locally produced goods to target markets across the continent, including Kenya, Cameroon, Uganda, Zambia, and Egypt.
Organized by the Nigeria AfCFTA Coordination Office in collaboration with the AfCFTA Secretariat, the initiative’s objectives include demonstrating Nigeria’s readiness for preferential trading under AfCFTA guidelines, promoting awareness among African businesses about the benefits of the GTI, and fostering collaboration among AfCFTA member states to support private sector involvement.
Olusegun Awolowo, National Coordinator of the Nigeria AfCFTA Coordination Office, highlighted the strategic significance of the initiative. “Nigeria signed the AfCFTA Agreement on 7 July 2019, becoming the 34th AfCFTA State Party. With a robust economy across different industries and a huge potential effect on value chains across the continent, Nigeria’s readiness and preparedness for preferential trading under the AfCFTA preferential trade regime would immensely contribute to repositioning the continental market as a global trade market and rallying point,” he said. “Nigeria is ready to unleash an army of exporters into Africa. Everything Africa needs for Africa is already in Africa.”
