The Nigerian government has inaugurated a multi sectoral committee to enhance the country’s opportunities and address the challenges facing it especially in the Continental Free trade areas (CFTA).
This is in line with the 2012, African Union (AU) Heads of State and Government decision to establish a Continental Free Trade Area, as part of its plan to industrialize the Continent by 2063 as well as boost Intra-Africa trade, which currently stands at only 19%.
The 20 man committee is expected to use the CFTA negotiations to secure calculable and concrete gains from the CFTA to modernize diversify and grow the Nigerian economy.
The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah while inaugurating the Committee, revealed that members are drawn from both the public and the organized private sectors of the economy.
The Nigerian Economic Summit Group (NESG) will from henceforth, be part of the Nigerian negotiating team for the CFTA, as approved by President Muhammadu Buhari
“The inauguration of the National Committee for the CFTA, is intended to reinforce the process for national economic recovery and development, across all areas” he said
“We need to grow and modernize the Nigerian economy through African trade integration. This would require focus, discipline, organization, determination and the exercise of that famous entrepreneurial spirit for which Nigerians are renowned the world-over.” He added
Dr. Enelamah further stressed that Nigeria will no longer be part of trade negotiations that will not deliver dividends to its citizens as government intends to reinforce the process for national economic recovery and development, across all areas.
“Nigeria’s goal with the CFTA is to create win-win partnerships that will drive inward investment; support Nigerian exporters of goods and services to secure expanded market access in other African economies; and create jobs for Nigerians.’‘
The National Committee for the Continental Free Trade Area (CFTA) negotiations, is constituted to among other functions support Nigerian exporters of goods and services to ensure expanded market access in other African economics, based on carefully negotiated and constructed value chains so that Nigerian exporters gain from the value distribution in regional, continental and global supply chains and create jobs for Nigerians.