Post by Trade Coach on Apr 3, 2022 22:31:49 GMT 1
AfCFTA: Nigeria’s Strategic Objective Is To Capture 10% Of Africa’s Import By 2035
Nigeria is poised to become Africa’s preferred Value-added Services Provider.
In our last article on Africa Continental Free Trade Area (AfCFTA), we brought to you issues concerning Nigeria’s preparedness for the operation of the AfCFTA; and we also promised to bring to your notice what is being done by the committee put together by the government of Nigeria for that purpose tagged: The Nigerian National Action Committee on The African Continental Free Trade Area (AfCFTA).
The committee has revealed that its strategic objective is to capture 10% of Africa’s Imports by the year 2035, thereby doubling Nigeria’s export in the process.
This information was disclosed by Franca Achimugu, Coordinator Oil Gas Workstream , Secretariat of the National Action Committee on the AfCFTA at the Implementation Plan Adoption meeting with the Oil and Gas Workstream which was held in Nigerian National Petroleum Corporation Headquarters, Abuja, Nigeria recently.
During the meeting, she intimated the attendees that Nigeria’s mission is to become a major provider of value-added services in Africa.
On the introduction of the agreement, and what the oil and gas sector stands to gain from its full implementation, she said “AfCFTA means Nigeria is no longer Africa’s largest economy, we need to sit up and get our house in order.” It should be properly understood that joining the trade area and signing the relevant agreements, Nigeria is aligning itself with agreements which come with elimination of tariffs.
“Basically it is local content for Africa, Africa by Africa, trade and process products between us.
“For services, we can establish a mutual agreement, double intra-African trade from 15% and African’s contribution of Global Trade from 3-6% in the next 10 years,” she said.
Oil and Gas sector, she explained that in 2020, Africa imported $1 billion worth of tubes, pipes; also that in the technical services sector of the oil and gas, Africa imported $34 billion worth of services from outside Africa.
She said that this is what Nigerian content Development and Monitoring Board (NCDMB) is focused on in Nigeria; to reduce the ex-pat quota through training, and respond to future demands of other African countries.
On Nigeria’s implementation plan: she revealed that Nigeria’s mission is to become the provider of value-added services to Africa, highlighting that Nigeria’s strategic objective is to “Capture 10% of Africa’s imports from the world, to double Nigeria’s export revenue by 2035.
“What we need to do is to grow export capacity of every state of the Federation by $1.2 billion focusing specific products and service value chain.
“Nigeria can be a refining hub for Africa. We have geographic advantage, the quality of Nigeria’s crude, and also proximity to key raw materials, and also a major exporter of gas and oil and gas related skill capacity to Africa.” She said.
This is mainly in line with what the Federal government of Nigeria said late last year, 2021 that it is committed to building local content by 40% in the next 5 years.
The Nigerian government assured that it will enable local demand for new made –in-Nigeria automobiles by 40% in the next 5 years, in a bid to take advantage of the African Continental Free Trade Area Agreement (AfCFTA).
The country will leverage technology and a cluster development strategy to grow the capacity of MSMEs, reduce informal trade and aggregate them for export. This was disclosed by the Senior Special Assistant to the President on Public Sector matters and the Executive Secretary National Action Committee on AfCFTA.
We have seen the beautiful objectives of the Federal Government of Nigeria on issues concerning the AfCFTA; the world is looking up on Nigeria to lead Africa to make this regional trade block a reality.
Let us wait and see. Time will tell.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
Nigeria is poised to become Africa’s preferred Value-added Services Provider.
In our last article on Africa Continental Free Trade Area (AfCFTA), we brought to you issues concerning Nigeria’s preparedness for the operation of the AfCFTA; and we also promised to bring to your notice what is being done by the committee put together by the government of Nigeria for that purpose tagged: The Nigerian National Action Committee on The African Continental Free Trade Area (AfCFTA).
The committee has revealed that its strategic objective is to capture 10% of Africa’s Imports by the year 2035, thereby doubling Nigeria’s export in the process.
This information was disclosed by Franca Achimugu, Coordinator Oil Gas Workstream , Secretariat of the National Action Committee on the AfCFTA at the Implementation Plan Adoption meeting with the Oil and Gas Workstream which was held in Nigerian National Petroleum Corporation Headquarters, Abuja, Nigeria recently.
During the meeting, she intimated the attendees that Nigeria’s mission is to become a major provider of value-added services in Africa.
On the introduction of the agreement, and what the oil and gas sector stands to gain from its full implementation, she said “AfCFTA means Nigeria is no longer Africa’s largest economy, we need to sit up and get our house in order.” It should be properly understood that joining the trade area and signing the relevant agreements, Nigeria is aligning itself with agreements which come with elimination of tariffs.
“Basically it is local content for Africa, Africa by Africa, trade and process products between us.
“For services, we can establish a mutual agreement, double intra-African trade from 15% and African’s contribution of Global Trade from 3-6% in the next 10 years,” she said.
Oil and Gas sector, she explained that in 2020, Africa imported $1 billion worth of tubes, pipes; also that in the technical services sector of the oil and gas, Africa imported $34 billion worth of services from outside Africa.
She said that this is what Nigerian content Development and Monitoring Board (NCDMB) is focused on in Nigeria; to reduce the ex-pat quota through training, and respond to future demands of other African countries.
On Nigeria’s implementation plan: she revealed that Nigeria’s mission is to become the provider of value-added services to Africa, highlighting that Nigeria’s strategic objective is to “Capture 10% of Africa’s imports from the world, to double Nigeria’s export revenue by 2035.
“What we need to do is to grow export capacity of every state of the Federation by $1.2 billion focusing specific products and service value chain.
“Nigeria can be a refining hub for Africa. We have geographic advantage, the quality of Nigeria’s crude, and also proximity to key raw materials, and also a major exporter of gas and oil and gas related skill capacity to Africa.” She said.
This is mainly in line with what the Federal government of Nigeria said late last year, 2021 that it is committed to building local content by 40% in the next 5 years.
The Nigerian government assured that it will enable local demand for new made –in-Nigeria automobiles by 40% in the next 5 years, in a bid to take advantage of the African Continental Free Trade Area Agreement (AfCFTA).
The country will leverage technology and a cluster development strategy to grow the capacity of MSMEs, reduce informal trade and aggregate them for export. This was disclosed by the Senior Special Assistant to the President on Public Sector matters and the Executive Secretary National Action Committee on AfCFTA.
We have seen the beautiful objectives of the Federal Government of Nigeria on issues concerning the AfCFTA; the world is looking up on Nigeria to lead Africa to make this regional trade block a reality.
Let us wait and see. Time will tell.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
