Nigeria launches preferential trade under the AfCFTA guided trade initiative on July 16

The vision of Africa’s founding fathers to unite the continent in shared prosperity is coming to fruition as Nigeria prepares to launch Preferential Trade under the AfCFTA Guided Trade Initiative (GTI).

This initiative aligns with President Bola Tinubu’s renewed hope agenda.

The launch is organized by the Nigeria AfCFTA Coordination Office on behalf of the Government of the Federal Republic of Nigeria and the AfCFTA Secretariat.

The Preferential Trade ceremony will be held on July 16, 2024, at Apapa Port in Lagos.

Olusegun Awolowo, National Coordinator of the Nigeria AfCFTA Coordination Office, stated, “Nigeria signed the AfCFTA Agreement on July 7, 2019, becoming the 34th AfCFTA State Party. With a robust economy spanning various industries and significant potential to impact value chains across the continent, Nigeria’s readiness for preferential trading under the AfCFTA regime will significantly contribute to repositioning the continental market as a global trade hub.” Awolowo also emphasized, “Nigeria is ready to unleash an army of exporters into Africa.”

The primary objectives are to demonstrate Nigeria’s trading under the AfCFTA and to show that businesses in Africa can leverage the GTI to trade effectively. This initiative signifies the readiness of State Parties’ governments to support the private sector in taking advantage of the AfCFTA. The launch underscores the AfCFTA Secretariat’s commitment to facilitating AfCFTA implementation by the private sector and Member States.

Nigeria’s participation in the second phase of the GTI marks a new era for trading under the AfCFTA, with numerous Nigerian businesses eager to export indigenous products to target markets such as Kenya, Cameroon, Uganda, Zambia, and Egypt. This showcases Africa’s businesses’ ability and readiness to trade within the AfCFTA framework.

Awolowo further stated, “Everything Africa needs for Africa is already in Africa.”

Dignitaries expected at the event include the President of Nigeria, the Secretary to the Government of the Federation, the Secretary-General of the AfCFTA Secretariat, the Minister of Trade, Industry, and Investment of Nigeria, the Minister of Finance and Coordinating Minister of the Economy, other government officials, ministers responsible for trade, the diplomatic corps, international development partners, business leaders, and the press from across the continent.