Post by Trade Forum on Dec 2, 2022 19:47:54 GMT 1
The Federal Government, on Wednesday, said Nigeria’s Special Economic Zones were critical to achieving the country’s annual export target of $100bn by 2035 under Africa’s single market.
Minister of Industry, Trade and Investment, who doubles as chairman, National Action Committee on African Continental Free Trade Area, Adeniyi Adebayo, disclosed this in Abuja during a panel session at the 30th anniversary of the Free Zones Scheme in Nigeria.
Adebayo, who was represented by the Senior International Trade Policy/Trade Law Expert at the NAC-AfCFTA Secretariat, Olusegun Olutayo, said, “For a country well-endowed in agricultural and mineral resources, an efficient Special Economic Zones scheme in Nigeria is a critical success requirement for competition in the AfCFTA.
“Nigeria will leverage existing potentials in the agriculture, industry and services sectors to improve competitiveness and drive non-oil export expansion, with a vision to grow the value of the country’s export to $100bn by 2035 in the AfCFTA market.”
Adebayo said though Nigeria had not commenced trading under the AfCFTA – Guided Trade Initiatives, negotiations were ongoing with parties to the agreement.
This, he said, was geared towards ensuring that the country got deals that were favourable to the growth and prosperity of the local market.
He added that an extraordinary session of the African Union leaders held on November 25, 2022, in Niamey, Niger Republic, featuring issues of interest on Africa’s industrialisation and economic diversification.
Updating participants at the conference on developments within Nigeria, the minister stated that in accordance with the provisions of the AfCFTA, Nigeria now had a Designated Competent Authority to design and administer export processes and procedures under the AfCFTA.
“In addition, validation of the implementation strategy is ongoing,” he stated.
Adebayo said sensitisation and stakeholder engagements were ongoing across the public and private sectors of the economy.
He charged all Special Economic Zones operators to maximise the opportunities in the AfCFTA market for economic growth and job creation.
“We must promote local content across every segment of the SEZ scheme. Some obvious opportunities include patronising our local MSMEs and farmers for sourcing raw materials for manufacturing,” he stated.
Adebayo added, “We must also patronise locally manufactured automobiles and parts and increasing export of finished goods to the regional and international markets.
“The role of SEZ operators in trade facilitation with bias for export should be a key part of the conversation on improving our competitiveness in the AfCFTA market.”
Source: punchng.com/fg-eyes-100bn-export-through-special-economic-zones/
Minister of Industry, Trade and Investment, who doubles as chairman, National Action Committee on African Continental Free Trade Area, Adeniyi Adebayo, disclosed this in Abuja during a panel session at the 30th anniversary of the Free Zones Scheme in Nigeria.
Adebayo, who was represented by the Senior International Trade Policy/Trade Law Expert at the NAC-AfCFTA Secretariat, Olusegun Olutayo, said, “For a country well-endowed in agricultural and mineral resources, an efficient Special Economic Zones scheme in Nigeria is a critical success requirement for competition in the AfCFTA.
“Nigeria will leverage existing potentials in the agriculture, industry and services sectors to improve competitiveness and drive non-oil export expansion, with a vision to grow the value of the country’s export to $100bn by 2035 in the AfCFTA market.”
Adebayo said though Nigeria had not commenced trading under the AfCFTA – Guided Trade Initiatives, negotiations were ongoing with parties to the agreement.
This, he said, was geared towards ensuring that the country got deals that were favourable to the growth and prosperity of the local market.
He added that an extraordinary session of the African Union leaders held on November 25, 2022, in Niamey, Niger Republic, featuring issues of interest on Africa’s industrialisation and economic diversification.
Updating participants at the conference on developments within Nigeria, the minister stated that in accordance with the provisions of the AfCFTA, Nigeria now had a Designated Competent Authority to design and administer export processes and procedures under the AfCFTA.
“In addition, validation of the implementation strategy is ongoing,” he stated.
Adebayo said sensitisation and stakeholder engagements were ongoing across the public and private sectors of the economy.
He charged all Special Economic Zones operators to maximise the opportunities in the AfCFTA market for economic growth and job creation.
“We must promote local content across every segment of the SEZ scheme. Some obvious opportunities include patronising our local MSMEs and farmers for sourcing raw materials for manufacturing,” he stated.
Adebayo added, “We must also patronise locally manufactured automobiles and parts and increasing export of finished goods to the regional and international markets.
“The role of SEZ operators in trade facilitation with bias for export should be a key part of the conversation on improving our competitiveness in the AfCFTA market.”
Source: punchng.com/fg-eyes-100bn-export-through-special-economic-zones/
