By Ladi Gbegi
Federal Government has reaffirmed its dedication to fully harnessing the potential of the African Continental Free Trade Area ,AfCFTA, agreement to drive inclusive, sustainable economic growth and deepen regional integration.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, made this known on Thursday in Abuja during a technical meeting of Nigeria’s AfCFTA Central Coordination Committee ,CCC.
Dr. Oduwole emphasized that the successful implementation of the AfCFTA is essential to advancing President Bola Tinubu’s economic agenda, particularly in areas of diversification and accelerated growth.
“This gathering marks a significant step in Nigeria’s unwavering commitment to realizing the full potential of the AfCFTA for inclusive and sustainable development”, she said.
Reflecting on the progress since the AfCFTA agreement and its Phase 1 protocols on trade in goods, trade in services, and dispute resolution came into effect in 2019, Oduwole noted growing momentum among member states. She highlighted that 49 out of 55 African Union ,AU, countries have ratified the agreement, with 24 having signed on.
“Nigeria, as Africa’s largest economy and most populous nation, stands at a pivotal crossroads”, she said. “The disruptions in global economic development have underscored the need to expand trade and reduce reliance on traditional markets”.
Dr. Oduwole acknowledged the strategic partnership with the United Nations Development Programme ,UNDP, whose technical support has been instrumental in advancing Nigeria’s implementation efforts. She said this collaboration is vital for expanding Nigeria’s export footprint, strengthening intra-African trade, and reducing vulnerability to global shocks.
“The AfCFTA presents a unique opportunity to rethink Nigeria’s trade strategy and cultivate new partnerships across the continent”, she added. “It is imperative that we prioritize trade expansion, the development of enabling infrastructure, and investment in technology”.
She also emphasized the importance of international collaboration, noting partnerships with institutions like the United Nations, European Union ,EU, and the United States as key to implementing a robust national AfCFTA strategy.
To support this vision, the Ministry, with UNDP support, launched a comprehensive technical assessment of Nigeria’s AfCFTA implementation. Led by a dedicated technical working group, the initiative will evaluate Nigeria’s commitments under both Phase 1 and Phase 2 of the agreement covering legal, policy, institutional, and technical dimensions.
“Our goal is to assess progress, identify gaps, and realign strategies to ensure Nigeria’s leadership in Africa’s trade landscape is sustainable and effective”, she said. “UNDP’s support has enabled the deployment of trade intelligence tools, policy advisory services, and capacity-building programs that empower Nigerian businesses to thrive within the evolving continental trade environment”.
She called on all stakeholders to contribute their expertise and commitment, urging the CCC to produce actionable insights that will bolster Nigeria’s implementation efforts at both national and regional levels.
“We must approach this task with seriousness and resolve”, she said. “Together, we can ensure that Nigeria is not just a participant, but a leader in Africa’s economic integration journey”
Also speaking, Ambassador Permanent Secretary of the Ministry, Nura Rimi said the meeting aims to strengthen policy coherence, enhance coordination mechanisms, and reinforce Nigeria’s capacity to fulfill its obligations under the agreement.
UNDP Coordinator for the AfCFTA CCC, Dr. Ify Ogo reaffirmed the UNDP’s commitment to supporting Nigeria in identifying and leveraging investment opportunities within the AfCFTA framework.
