Nigeria Launches Guided Trade Initiative Under AfCFTA for Economic Growth

Emma Okonji

Nigeria has embarked on a historic endeavor with the launch of the Guided Trade Initiative under the African Continental Free Trade Area (AfCFTA), signaling a pivotal moment in boosting intra-African trade and fostering economic diversification.

Spearheaded by President Bola Tinubu, the initiative is anticipated to unlock an estimated $50 billion in economic opportunities for Nigerian businesses.

President Tinubu underscored AfCFTA’s transformative potential, positioning it not merely as a trade pact but as a catalyst for industrialisation, equitable growth, and continental prosperity.

“We are pleased to witness Nigeria’s official commencement of trade under the preferential regime established by AfCFTA,” stated the GIZ country director. “Germany acknowledges Nigeria’s proactive stance in advancing regional economic integration and pledges support in aligning national efforts with ECOWAS-coordinated AfCFTA strategies,” country director said.

Emphasising the importance of collaboration, National Coordinator of NACO, Mr. Olusegun Awolowo, highlighted the transformative impact of AfCFTA on Nigeria’s economic landscape. “The conversion of the National Action Committee on AfCFTA into NACO underscores Nigeria’s commitment to effective AfCFTA implementation, including finalizing tariff concessions to enhance competitiveness within the continental market,” Awolowo said.

Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, reiterated Nigeria’s dedication to leveraging AfCFTA for industrial growth and job creation. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the strategic importance of the Guided Trade Initiative in propelling Nigeria’s economic growth and fostering regional integration.