By Daniel Edu
Segun Awolowo, the Executive Secretary of the National Working Committee of the African Continental Free Trade Area (AfCFTA) for Nigeria, has confirmed the country’s readiness to participate in the second phase of the Guided Trade Initiative (GTI).
The AfCFTA’s Guided Trade Initiative is a solution-focused approach aimed at facilitating trade between interested member states. It seeks to connect businesses and products for import and export, streamlining trade processes.
Awolowo, in a statement released by the Head of Strategic Communications Directorate of the National Working Committee, highlighted Nigeria’s commitment to the AfCFTA as pivotal to boosting the nation’s economic growth. He emphasized that the alliance would broaden Nigeria’s economic goals and objectives.
The statement outlined, “We achieved a significant milestone in the first phase of the GTI. This successful pilot project has led to positive developmental changes, capacity-building initiatives, and economic growth by influencing trade between Nigeria and other AfCFTA member states.”
Awolowo also mentioned that Nigeria’s renewed administration is focused on addressing trade-related challenges, such as enhancing logistics and transportation infrastructure, simplifying customs procedures, and strengthening trade-related institutions.
He added, “The checklist received from Ghana after the completion of the first phase requires the fulfillment of certain obligations, which Nigeria has begun to actively pursue.”
In response, Mohammed Ali, Director of Trade in Goods and Competition, acknowledged Nigeria’s significance in the AfCFTA journey. He stated, “The AfCFTA is a significant journey with Nigeria, the biggest economy in Africa, as a major player.”
The Permanent Secretary of Nigeria’s Ministry of Industry, Trade, and Investment, Dr. Evelyn Ngige, represented by Suleman Audu, highlighted that the GTI will integrate Micro, Small & Medium Enterprises (MSMEs) into larger supply chains, enabling their growth and participation in bigger markets.
John Nwajumogu, Special Adviser to the President on Industry, Trade, and Investment, acknowledged the ambitious nature of the initiative while expressing confidence in overcoming the associated complexities.
Nigeria’s participation in the AfCFTA’s Guided Trade Initiative signifies the nation’s commitment to enhancing its trade relations and economic prospects within the African continent.
