By Ladi Gbegi
The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has stated that the implementation of the African Continental Free Trade Area (AfCFTA) is unlocking new opportunities for trade across the continent.
Dr. Oduwole made this remark on Thursday while receiving the Secretary-General of AfCFTA, Mr. Wamkele Mene, during a courtesy visit to her office in Abuja.
She emphasized that AfCFTA’s implementation would drive investments and enhance the competitiveness of African businesses by making the movement of goods and services between countries more seamless and cost-effective.
“The AfCFTA is the framework that African nations, especially Nigerian and African youths, have long awaited,” Oduwole noted. “We are already witnessing transformation with the elimination of tariffs on 90% of goods traded within the continent. This has opened up new areas for trade, fostering investments and competitiveness among African businesses.”
The minister credited Mene’s leadership for addressing tariff issues and operationalizing key systems like the Pan-African Payment and Settlement System. She added that Nigeria is committed to a continent-wide private chain approach, which has proven successful in the airline sector.
“Africa stands to gain immensely from this approach. Regarding customs facilitation, Nigeria has committed to hosting a roundtable before the first quarter of this year,” she said. “We remain open for business under the AfCFTA framework and are prepared to deepen discussions in preparatory areas.”
Dr. Oduwole thanked Mene for his dedication to the effective implementation of the AfCFTA, emphasizing Nigeria’s readiness to maximize its benefits.
In response, Mene highlighted the ongoing progress of AfCFTA’s implementation, citing the growing number of countries issuing certificates of origin.
“I was delighted to witness Nigeria issue its first certificate of origin in 2024 and dispatch its first consignment. This was a significant milestone, demonstrating that Africa’s largest economy is truly open for business,” Mene said.
He added that the initiative would encourage investments and create job opportunities for the continent’s youth. Mene also commended Nigeria for its leadership and unwavering commitment to the successful operationalization of the AfCFTA.
