Nigeria to start exporting locally-produced commod...

Nigeria to start exporting locally-produced commodities to SA

Zim Now Writer

Executive secretary of the National Action Committee on African Continental Free Trade Area, Olusegun Awolowo revealed that Nigeria is set to start formal exportation of locally produced commodities to South Africa, Rwanda, Cameroon, and Kenya next month, marking a significant milestone under the AfCFTA Guided Trade initiative.

Awolowo made the announcement during the Abuja Stakeholders Workshop on the AfCFTA Digital Trade Protocol.

Although trading under the main AfCFTA framework has not commenced, Nigeria will initiate official and formal exports under the Guided Trade Initiative in April. The move aims to boost economic ties with African nations and harness the benefits of the AfCFTA treaty.

The Guided Trade Initiative, introduced by the AfCFTA secretariat, seeks to facilitate trade among African countries outside their regional blocks. Nigeria has signed onto the initiative, and selected companies will kick-start official exports to the aforementioned countries.

Awolowo highlighted the importance of going through the necessary protocols and agreements before commencing trading under AfCFTA.

“We have signed onto it and I think that by the end of April we are taking a few companies, big, medium and small enterprises to actually launch trading in Africa. All we are doing now is that we are going through and signing all the protocols, as well as finding a way on how to implement them.

“So, we are now at the stage of implementation. Therefore, trading hasn’t really commenced under AfCFTA. It is not an overnight thing, you have to go through all the protocols, sign them and agree.

“However, we are hoping that we are able to start trading under the GTI, not on the main AfCFTA itself, by the end of April. So it will be on record that Nigeria has now started exporting officially and formally, because, of course, informal trade is going on anyway,” he said.

The African Continental Free Trade Area is a free trade agreement established among 54 of the 55 African Union nations, creating the largest free trade area in the world by the number of participating countries.

The AfCFTA was established in March 2018 and became effective on May 30, 2019, with the aim of boosting intra-African trade, fostering economic development and creating a more competitive African market.