Minister Highlights Trade Opportunities Under AfCFTA Implementation

The Nigerian Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has emphasised the new trade opportunities unlocked by the implementation of the African Continental Free Trade Area (AfCFTA).

Dr Oduwole made this statement on Thursday while hosting the Secretary-General of AfCFTA, Mr Wamkele Mene, during a courtesy visit to her office in Abuja.

Today in Abuja, I met with Nigeria’s Ministry of Industry, Trade & Investment, led by Ministers Hon. Dr. Jumoke Oduwole & Hon. John Owan-Enoh. We discussed digital trade, the automotive sector’s role in industrialisation, and policies to streamline trade procedures.

We equally… pic.twitter.com/OtduGTu0uH

— Wamkele Mene (@MeneWamkele) January 16, 2025

The minister underscored the agreement’s potential to enhance regional trade and foster economic growth across Africa.

She said that the implementation would stimulate investment and foster competitiveness for African businesses, as AfCFTA is aimed at making it easier and cheaper to move goods and services between countries.

At the invitation of Hon. Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, the Secretary General of the @AfCFTA Secretariat, @MeneWamkele, met with Nigerian digital economy leaders & SMEs in Abuja today. Discussions focused on the AfCFTA’s digital economy protocol,… pic.twitter.com/kRKWPjojOz

— AfCFTA Secretariat Official (@AfCFTA) January 16, 2025

“The AfCFTA in essence is the framework that has been long awaited by Nigeria and African youths.

“We have already begun to see the transformation with the elimination of tariffs on 90 percent of goods traded across the continent.

“We have opened up new areas for trade opportunities to stimulate investment and foster competitiveness for African businesses,” she said.

The minister said that the leadership of Mene had been instrumental in addressing the tariffs and operationalising discreet settlement and the Pan-African payment settlement system.

She said that the ministry was committed to a continent-wide private chain approach, which had been done in the airline sector, adding that Africa will benefit from the operation of the approach.

According to her, concerning the move to the approach, we are already committed to custom facilitation.

“Custom has undertaken the commitment to hold a round table in Nigeria before the end of early this year.

“This is to say that we are looking forward to continuing discussions in all preparative areas, and Nigeria is open for business under the framework of the AfCFA as well,” she said.

Oduwole thanked Mene for his commitment to ensuring effective implementation of the AfCFTA.

Speaking, Mene said that implementation of the AfCFTA was ongoing, while the effort had given room for more countries to issue certificates of origin.

“I was happy to be invited in 2024 when Nigeria was seeing off the first consignment and issuing the first certificate of origin.

“It was a very important step forward because Africa’s largest economy is open for business. That is what it demonstrated.

“This will encourage investment and create more job opportunities for young people,” he said.

Mene expressed appreciation to Nigeria for its strong leadership role and commitment towards a successful operationalisation of the AfCFTA.