AfCFTA Secretary-General ,Mene Hails Nigeria’s Leadership in $3.4tr Intra-African Trade
... Eyes $60.2tr Trade Volume in 2035
Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has praised Nigeria’s leadership in driving intra-African trade .
Speaking in Lagos while delivering his speech at the AfCFTA Nigeria’s inaugural shipment under the Guided Trade Initiative framework and ribbon-cutting ceremony. on July 14, 2024, he stated that Nigeria is ahead of other African countries in economic growth and development.
The event aimed to promote the benefits of AfCFTA and encourage private sector investment in intra-African trade.
“AfCFTA is a catalyst for economic growth and self-sufficiency in Africa. Nigeria’s leadership in implementing the agreement is commendable, and we urge other countries to follow suit,” Mene said.
Addressing a gathering of government officials, business leaders, and industry experts, Mene hailed Nigeria’s commitment to harnessing the benefits of AfCFTA, noting the country’s instrumental role in developing the rules of origin between 2017 and 2018. He announced that AfCFTA has now been ratified by 47 countries, representing a combined GDP of $3.4 trillion.
He emphasized the critical role of the private sector in driving trade and investment in Africa, citing landmark agreements with Zenith Bank and UBA to establish a digital marketplace for trade under the AfCFTA deal. He noted that Nigeria’s contribution to African trade is significant, accounting for 4.2% of total trade within the continent.
However, he encouraged stakeholders to take advantage of the opportunities presented by AfCFTA and to acknowledge Nigeria’s leadership in driving the agreement’s implementation as he highlighted the need for harmonization across nations and countries of Customs laws and trade finance to overcome challenges in transport and logistics and internet connectivity.
“Through partnerships with developmental financial institutions, over $100 million has been invested in infrastructure development in Africa.Africa’s infrastructure deficit, estimated at over $150 billion annually, presents a significant opportunity for investment”
“Nigeria’s sales to Africa Trade are expected to soar in 2024, driven by economic sectors such as chemicals, plastics, and carbons, precious stones, cement, and fertilizers. Private sector should harness the opportunities presented by AfCFTA, expressing pride in Nigeria’s leadership in the agreement’s implementation”
“By 2035, the African economy is projected to reach $60.2 trillion, presenting a significant opportunity for intra-African trade and innovation. Africans should rely on their ingenuity, intelligence, and investment to drive economic growth and self-sufficiency”
Mene thanked the government and private sector of Nigeria for their leadership and commitment to making AfCFTA a success. As Africa’s free trade vision takes shape, Nigeria’s leadership is poised to play a critical role in driving the continent’s economic integration.
Ten Nigerian companies have indicated readiness to export homemade products across Africa under the African Continental Free Trade Area (AfCFTA) agreement cutting across East, Central, and North Africa.
Head of the National AfCFTA Coordination Office, Olusegun Awolowo disclosed that the
“companies are 10 in number, and over the next few days, weeks, and months they will be exporting Nigerian products to five countries across East, Central, and North Africa,”
According to him, these companies which would be exporting products like bags and drinks are setting a new standard for others to follow.
