Tinubu to Flag-Off Preferential Trade Under AfCFTA Guided Trade Initiative

By Modupe Gbadeyanka

Nigeria is ready to commence the Preferential Trade under the African Continental Free Trade Area (AfCFTA) Guided Trade Initiative (GTI).

A statement signed by the Senior Trade Policy and Law Expert/Lead Trade Enablement for Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, disclosed that the scheme would be launched by President Bola Tinubu.

This will take place on Tuesday, July 16, 2024, at the Apapa Port, Lagos, and the key objectives are to demonstrate and showcase Nigeria’s trading under the AfCFTA, and that businesses in Africa can take advantage of the GTI to trade, as well as the processes through which the AfCFTA can be effectively engaged.

It is an indication of the readiness of governments of State Parties to support the private sector, businesses etc. take advantage of the AfCFTA, as the commencement signposts the readiness of the AfCFTA Secretariat to support the AfCFTA implementation by the private sector and member states.

“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.

“Nigeria is ready to unleash an army of exporters into Africa,” the National Coordinator for Nigeria AfCFTA Coordination Office, Mr Olusegun Awolowo, was quoted as saying in the statement.

President Tinubu is expected to be joined by the Secretary to the Government of the Federation (SGF); the Secretary-General of the AfCFTA Secretariat; Minister of Trade, Industry and Investment; the Minister of Finance and Coordinating Minister of the Economy; and other government officials, among others.

The launch of Nigeria’s participation in the second phase of the GTI signals a new dawn for trading under the AfCFTA as several Nigerian businesses are eager and prepared for export and shipment of indigenous products within the continent with Kenya, Cameroon, Uganda, Zambia and Egypt as target markets.

This is to demonstrate Africa’s businesses’ ability and readiness to trade under the framework of the AfCFTA.