Nigeria’s participation in the second phase of the Guided Trade Initiative (GTI) under the African Continental Free Trade Area (AfCFTA) has been confirmed by Segun Awolowo, the Executive Secretary of the National Working Committee of AfCFTA in Nigeria. The GTI, a solution-oriented approach by AfCFTA, aims to facilitate trade among interested member states by connecting businesses and products for export and import.
Awolowo highlighted Nigeria’s commitment to AfCFTA as a crucial factor in boosting the nation’s economic growth. He emphasized that the alliance with AfCFTA aligns with Nigeria’s economic goals and broader objectives. The first phase of the GTI brought about positive development changes, capacity-building initiatives, and economic growth by impacting trade between Nigeria and other AfCFTA member states.
The second phase of GTI aims to strengthen specific objectives and trade relations, particularly by reducing trade barriers, streamlining customs procedures, enhancing infrastructure, and promoting value-addition within key industries. Nigeria’s new administration, guided by its Renewed Hope agenda, is focused on addressing challenges hindering trade, including improving logistics and transportation infrastructure and simplifying customs procedures.
Director of Trade in Goods and Competition at AfCFTA, Mohammed Ali, emphasized Nigeria’s significance in the AfCFTA journey due to its status as the biggest economy in Africa. He noted that the goal of the trade agreement and market access is economic advancement and industrialization. The market access serves as a tool to attract funds and build economies.
Dr. Evelyn Ngige, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, highlighted that the GTI will integrate Micro, Small & Medium Enterprises (MSMEs) into larger supply chains, enabling them to grow and move from micro to bigger markets. This integration will eliminate the need for MSMEs to go through processes beyond their reach.
Mr. John Nwajumogu, Special Adviser to the President on Industry, Trade, and Investment, acknowledged the ambitious target of the initiative and expressed confidence in overcoming the complexities surrounding it.
Punch