Nigeria has officially launched the Guided Trade Initiative under the African Continental Free Trade Area (AfCFTA), a move aimed at significantly boosting exports and creating job opportunities within the country. This initiative represents a major step forward in leveraging AfCFTA to foster economic growth and regional integration.
During the unveiling ceremony held recently in Lagos, President Bola Ahmed Tinubu highlighted the transformative potential of the initiative. He projected that the Guided Trade Initiative could unlock approximately $50 billion in economic opportunities for Nigerian businesses. Tinubu emphasized that AfCFTA is not merely a trade agreement but a powerful catalyst for industrialization and economic development.
In addition to President Tinubu’s remarks, key figures in Nigeria’s economic sector underscored the importance of the initiative. Minister of Finance Wale Edun and Minister of Industry, Trade, and Investment Dr. Doris Uzoka-Anite both spoke about the strategic significance of the Guided Trade Initiative. They emphasized how the initiative will play a crucial role in propelling Nigeria’s economic growth, enhancing regional integration, and strengthening the country’s position in the global market.
At the event, Svenja Ossman, the GIZ ECOWAS Cluster Coordinator, represented the German Corporation for International Cooperation (GIZ) and the Economic Community of West African States (ECOWAS). Ossman highlighted Germany’s commitment to supporting the AfCFTA project through the ECOWAS AfCFTA initiative. This project is designed to bolster the implementation framework across West Africa, ensuring that the benefits of AfCFTA are maximized throughout the region.
Ossman expressed enthusiasm about Nigeria’s official start of trade under the preferential regime established by AfCFTA, stating, “We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA.” This statement underscores the international support for Nigeria’s new initiative and its alignment with broader regional goals.
The launch of the Guided Trade Initiative marks a significant milestone in Nigeria’s engagement with AfCFTA, setting the stage for enhanced trade opportunities and economic growth across the continent.
