Post by Trade facilitator on Dec 20, 2021 10:26:47 GMT 1
AfCFTA: Nigeria Targets Exports Of $1.2 billion For Each State Of The Federation
The Federal Government of Nigeria (FGN) is not relenting in its efforts to make sure that Nigeria as the giant of Africa economically takes its pride of place when the AfCFTA takes off effectively very soon.
It will be a thing of regret and anger among the citizens that when this noble plan eventually takes off the country will be floundering. The nation will need all hands to be on deck to make sure that the country participates effectively and reaps all the necessary benefits due to the nation.
In order to guarantee that, the Federal Government through the National Action Committee, African Continental Free Trade Agreement (AfCFTA) announced that it plans to grow export capacity of every state of the Federation to the tune of $1.2 billion (One Billion Two Hundred Million US Dollars) to take advantage of African continental free Trade when it takes off effectively.
Mr. Francis Anatogu, the Secretary of the committee disclosed this recently in a conference with the Nigerian Governors’ Forum (NGF), in Abuja the Federal Capital Territory on the AfCFTA Subnational Strategy Workshop that took place in Abuja too.
The secretary rightly observed that the AfCFTA growth cannot be sustained without the improvement of the capacity of the people which need to be compatible with every state’s comparative advantage.
What is important in the preparation for the takeoff?
The secretary disclosed that the first thing to take care of on the strategic list is to set up the implementation of the plan to grow the export capacity of every state of the Federation to a minimum of about $1.2 billion with a focus on products where the state has comparative advantage. The state will be the best to produce that commodity among all the states in the federation.
Mr. Anatogu noted that the subnational strategy workshop would serve as an intervention avenue that would put the nation on course to make the AfCFTA goal a reality in the country.
He said “Over the next three days, the NAC-AfCFTA will create a platform to engage and interact with State Technical Working groups expected to be in attendance.
“This is with the goal of reaching an understanding of tailoring their economic and development plans to include the requirements of the AfCFTA.
“There is need to ensure that the groups are aware of the support available from the Federal Government and lay the foundation for a single vision and strategy between federal and state governments, to push the AfCFTA agenda in Nigeria.”
The secretary of the committee, Mr. Anatogu stated that the AfCFTA agreement, whose main objective is to promote export, deepen economic integration of the continent, create a single market for goods and services with free movement of Africans and investments among member countries, came into effect on Jan. 1, 2021.
He also added that AfCFTA seeks to eliminate 90% of tariffs and reduce non-tariff barriers to enhance intra-African trade and form the foundation of the establishment of a continental customs union, thereby creating the largest single market in the world.
“For Nigeria, the AfCFTA will re-energize our country’s aspirations for industrialization and position Nigeria as the destination market for goods and services of the highest standards (finished or not) for the 1.2 billion consumers this agreement has brought to our door step.
“Traditionally, over 80% of imports in Africa are sourced from Europe, Asia and the Americas.
“For us, with Nigeria being greatly blessed with both natural and human resources, the AfCFTA drive is about looking inwards to push outwards,” Anatogu said.
We promise our members that we will continue to follow up on all issues concerning AfCFTA, because we believe so much in it. When it takes off properly, there will be a lot of opportunities for us in this forum as we must have been it for a long time.
We are pleading with you to stay with us in order to reap the benefits when it comes, and surely it will come very fast.
The Federal Government of Nigeria (FGN) is not relenting in its efforts to make sure that Nigeria as the giant of Africa economically takes its pride of place when the AfCFTA takes off effectively very soon.
It will be a thing of regret and anger among the citizens that when this noble plan eventually takes off the country will be floundering. The nation will need all hands to be on deck to make sure that the country participates effectively and reaps all the necessary benefits due to the nation.
In order to guarantee that, the Federal Government through the National Action Committee, African Continental Free Trade Agreement (AfCFTA) announced that it plans to grow export capacity of every state of the Federation to the tune of $1.2 billion (One Billion Two Hundred Million US Dollars) to take advantage of African continental free Trade when it takes off effectively.
Mr. Francis Anatogu, the Secretary of the committee disclosed this recently in a conference with the Nigerian Governors’ Forum (NGF), in Abuja the Federal Capital Territory on the AfCFTA Subnational Strategy Workshop that took place in Abuja too.
The secretary rightly observed that the AfCFTA growth cannot be sustained without the improvement of the capacity of the people which need to be compatible with every state’s comparative advantage.
What is important in the preparation for the takeoff?
The secretary disclosed that the first thing to take care of on the strategic list is to set up the implementation of the plan to grow the export capacity of every state of the Federation to a minimum of about $1.2 billion with a focus on products where the state has comparative advantage. The state will be the best to produce that commodity among all the states in the federation.
Mr. Anatogu noted that the subnational strategy workshop would serve as an intervention avenue that would put the nation on course to make the AfCFTA goal a reality in the country.
He said “Over the next three days, the NAC-AfCFTA will create a platform to engage and interact with State Technical Working groups expected to be in attendance.
“This is with the goal of reaching an understanding of tailoring their economic and development plans to include the requirements of the AfCFTA.
“There is need to ensure that the groups are aware of the support available from the Federal Government and lay the foundation for a single vision and strategy between federal and state governments, to push the AfCFTA agenda in Nigeria.”
The secretary of the committee, Mr. Anatogu stated that the AfCFTA agreement, whose main objective is to promote export, deepen economic integration of the continent, create a single market for goods and services with free movement of Africans and investments among member countries, came into effect on Jan. 1, 2021.
He also added that AfCFTA seeks to eliminate 90% of tariffs and reduce non-tariff barriers to enhance intra-African trade and form the foundation of the establishment of a continental customs union, thereby creating the largest single market in the world.
“For Nigeria, the AfCFTA will re-energize our country’s aspirations for industrialization and position Nigeria as the destination market for goods and services of the highest standards (finished or not) for the 1.2 billion consumers this agreement has brought to our door step.
“Traditionally, over 80% of imports in Africa are sourced from Europe, Asia and the Americas.
“For us, with Nigeria being greatly blessed with both natural and human resources, the AfCFTA drive is about looking inwards to push outwards,” Anatogu said.
We promise our members that we will continue to follow up on all issues concerning AfCFTA, because we believe so much in it. When it takes off properly, there will be a lot of opportunities for us in this forum as we must have been it for a long time.
We are pleading with you to stay with us in order to reap the benefits when it comes, and surely it will come very fast.
