Reflecting on AfCFTA Implementation in Nigeria
By Yusuf Issa An-Nuphawi
Because the African Continental Free Commerce Space (AfCFTA) implementation in Nigeria continues in full swing, 2024 was a 12 months of great progress. The sustained dedication and proactive engagement with sub-national, regional and worldwide stakeholders, ensures that Nigeria is well-positioned to capitalize on the huge alternatives inside the billion inhabitants market, Yusuf Issa An-Nuphawi writes from Kano.
As we enter 2025, policymakers, commerce specialists and stakeholders in Nigeria’s commerce sector replicate on the progress made and the challenges forward for the implementation of the AfCFTA. This bold initiative goals to extend intra-Africa commerce, elevate Africa’s revenue by as much as $450 billion by 2035, and carry 30 million Africans out of poverty, based on the Worldwide Financial Fund (IMF).
It’s noticed that, for the Nigeria AfCFTA Coordination Workplace being the vanguard of the implementation of the AfCFTA in Nigeria, below the management of the Nationwide Coordinator, Mr. Olusegun Awolowo, 2024 marked a major milestone. With the approval of President Bola Ahmed Tinubu, to re-caliberate the governance for effectivity, it’s believed that the Nigeria AfCFTA Coordination Workplace is effectively positioned to coordinate AfCFTA commerce actions, improve export and import facilitation, and strengthen regional integration.
it’s the accountability of presidency to create efficient insurance policies, which is important in making certain continuity, safeguarding rights, and security. Accordingly, Nigeria is proactive in giving the required impetus for the efficient implementation of the AfCFTA. It’s activating concrete processes to place in place the authorized frameworks which aligns with the AfCFTA provisions. On this regard, the Minister of Finance and Coordinating Minister of the Financial system, Mr. Wale Edun, has reaffirmed his dedication to the success of AfCFTA in Nigeria and the eventual transmission of the AfCFTA dedication doc for gazetting from his workplace to Mr. President for approval. The Nigeria AfCFTA Coordination Workplace has applauded the Federal Authorities for demonstrating management and dedication within the AfCFTA to gazette the ECOWAS Provisional Schedule of Tariff Concession.
A big achievement in 2024 was the export of Nigeria’s first consignments below the AfCFTA Guided Commerce Initiative (GTI) to Kenya, by an organization known as Luck Fibers Restricted, a subsidiary of the Tolaram Group of firms. This demonstrates President Tinubu’s dedication to financial diversification, boosting export revenues, addressing the nationwide funds deficit, strengthening international reserves, African single market, and financial integration in Africa. Nigeria, with its massive client market, stands to learn vastly from elevated commerce inside the African continent.
Beneath the Guided Commerce Initiative (GTI), ten firms piloted buying and selling by Nigeria, asserting its management on the continent, with Lelook Home of Baggage turning into the primary recipient of the AfCFTA Certificates of Origin. This was a vital second, notably for ladies entrepreneurs taking part in driving financial development. Mr. Awolowo of the Nigeria AfCFTA Coordination Workplace commenting on the occasion, succinctly mentioned: “It units the stage for a brand new period of commerce and prosperity for our nation below AfCFTA.”
Turning to stakeholders engagement on the AfCFTA in 2024, a number of discussions and fora organised actions across the AfCFTA throughout the nation. The Nigeria AfCFTA Coordination Workplace, according to its mandate, ramped up engagement with stakeholders by means of, organizing workshops, coaching, and conferences geared toward advancing understanding of the AfCFTA and the alternatives it gives to Nigerians and the enterprise neighborhood specifically. The Coordination Workplace actively engaged with non-public sector gamers and policymakers, fostering confidence within the AfCFTA and its potentials. Though these are applauded, there’s a have to do extra and to accentuate momentum specifically having regard to the ever evolving nature of the AfCFTA and the declaration for its accelerated implementation by State Events.
Moreover, as a part of the engagement of the the Coordination Workplace, it participated within the fifth All-Africa Mental Property Summit in Kigali, Rwanda, emphasizing the significance of defending Mental Property Rights (IPRs) to unlock Africa’s financial potential. Mr Olusegun Olutayo, Senior Commerce Skilled/Lead on the Nigeria AfCFTA Coordination Workplace, advocated for an African IP regime that enables innovators to guard their mental property throughout the continent, making certain recognition and commercialization. Olutayo additionally known as for harmonizing IP techniques to assist AfCFTA’s purpose of sustainable financial growth.
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On the second AfCFTA Enterprise Discussion board, Biashara Afrika 2024, held in Kigali, Nigeria reaffirmed its function as a number one African financial system with a sturdy market inhabitants. The discussion board, themed “Dare to Invent the Way forward for AfCFTA,” offered a dynamic platform for dialogue between African governments, non-public sectors, and multinationals. Two girls owned Nigerian companies participated within the fortum.
In the course of the Nigeria PAPSS Roadshow which was organised by PAPSS Secretariat, in collaboration with Institute of Chartered Accountants of Nigeria and the Nigeria AfCFTA Coordination Workplace, Mr. Awolowo in his remarks highlighted the significance of the Pan-African Fee and Settlement System (PAPSS) which is a important part and gear by the implementation of the AfCFTA, in facilitating cross-border transactions. He urged Nigerian banks to combine PAPSS into their operations, stressing its potential to scale back commerce prices, streamline processes, and improve monetary inclusion. The Senior Commerce Skilled/Lead in a closing comment, added on the Roadshow that, PAPSS is the way forward for funds in cross border commerce.
The Nigeria AfCFTA Coordination Workplace additionally contributed to discussions on the AfCFTA Digital Commerce Protocol, which goals to speed up technology-driven innovation throughout Africa. This protocol, adopted on the thirty seventh African Union Summit in February 2024, addresses key points akin to information governance, cybersecurity, and rising applied sciences, positioning digital commerce as a cornerstone of intra-African commerce.
At a workshop on maritime cooperation with China, the Senior Commerce Skilled/Lead, Mr. Olutayo emphasised the necessity for a safe maritime setting to unlock AfCFTA’s full potential. This collaboration seeks to reinforce vocational coaching and expertise switch, strengthening the maritime sector for higher commerce facilitation.
Talking within the 2024 FATE Basis Annual Dialogue in Lagos, the Nationwide Coordinator, Mr. Awolowo delivered a keynote deal with through which he emphasised the important function of digital transformation and inclusive finance in empowering Nigeria’s entrepreneurs below AfCFTA. He underscored the significance of formalizing the casual sector to unlock its potential within the $3.4 trillion AfCFTA market.
In 2024, the Nigeria AfCFTA Coordination Workplace sub-national engagements lined 4 states – Kwara, Jigawa, Lagos and Oyo State. The engagements embody a go to to the Coordination Workplace in Abuja by the Governor of Kwara who doubled because the Chairman of the Nigerian Governor’s Discussion board, the go to by the Oyo State Governor, HE Seyi_Makinde, the go to by the Lagos State Commissioner for Commerce, Cooperative, Commerce and Funding, and a go to by the delegation from the Coordination Workplace led by Olusegun Olutayo to the Jigawa State Governor HE Umar A. Namadi and the enterprise neighborhood. These highlighted the very important function of sub-national governments in AfCFTA implementation. These engagements targeted on creating an enabling setting for commerce and funding promotion.
There have been additionally strategic conferences with key stakeholders, such because the Governor of the Central Financial institution of Nigeria, Mr. Yemi Cardoso and the Managing Director/CEO, Financial institution of Trade, Dr. Olasupo Olusi, to ascertain an AfCFTA Readiness Fund for Nigerian companies. This initiative goals to align AfCFTA implementation with Nigeria’s broader inclusive and sustainable financial development technique.
The Nigeria AfCFTA Coordination Workplace additional strengthened its efforts with a capacity-building workshop in collaboration with the Nigerian Institute of Superior Authorized Research (NIALS), geared toward empowering authorized advisers to assist the profitable domestication of AfCFTA.
In 2024, the Nigeria AfCFTA Coordination Workplace additionally engaged with the Nigeria Export Promotion Council (NEPC) to increase Nigeria’s export base and improve capability constructing for exporters. This aligns with the federal government’s purpose of full utilization of AfCFTA’s commerce advantages.
Crucial for the 12 months was the engagement with the Nigeria Customs Service because the Designated Competent Authority (DCA) for Nigeria. The workshop aimed to arrange and make sure the readiness of the DCA in direction of issuance of the AfCFTA Certificates of origin and efficient implementation of the settlement on the border.
As Nigeria’s AfCFTA implementation journey continues in full swing , 2024 was a 12 months of great progress accentuated by the sustained dedication of all stakeholders led by the Nigeria AfCFTA Coordination Workplace with the visionary assist of President Bola Ahmed Tinubu. The nation’s proactive engagement with sub-national, regional and worldwide stakeholders, coupled with a deal with digital transformation, mental property safety, and monetary inclusion, ensures that Nigeria is well-positioned to capitalize on the huge alternatives inside the billion inhabitants and trillion greenback market.
Yusuf Issa An-Nuphawi writes from Kano. He could be reached by means of [email protected] or 07031576149