Pact Between AfCFTA And UNDP Will Facilitate Trade In Nigeria – LCCI

The Lagos Chamber of Commerce and Industry (LCCI), has said that the partnership between the African Continental Free Trade Area (AfCFTA) and the United Nations Development Programme (UNDP) will strengthen the trade facilitation institution in Africa.

Last Monday, the AfCFTA secretariat and the UNDP signed a strategic partnership to promote trade as a stimulus for Africa’s socio-economic recovery from the COVID-19 pandemic. The agreement, which was signed by the AfCFTA Secretary General, Wamkele Mene and the Director of the UNDP Regional Bureau for Africa, Ahunna Eziakonwa, is fashioned to support the AfCFTA as a development enabler on the continent, the press release by the African Union said.

Dr. Muda Yusuf, Director-General, LCCI, told New National Star in an interview with our correspondent that since the objectives of the AfCFTA and the UNDP were in alignment, then their unity was sure to improve economic integration and improve job creation in Africa. Yusuf said, “Partnership between UNDP and the AfCFTA secretariat is a very good one, it will help to promote the achievement of the objectives of continental economic integration which is what the AfCFTA is all about and more importantly there is an alignment between this objective and the objective of the sustainable development growth because if there is an improvement in economic integration, it is likely to improve job creation on the continent, it is also likely to promote inclusiveness on the continent.”

He said that trade-related issues including non-tariff barriers, foreign exchange policies and trade facilitation issues at the port were problems that would be rectified with the agreement. The African Continental Free Trade Agreement which is the largest free trade area in the world when measured by numbers of participant countries aims to lift 30 million African out of extreme poverty, and boost Africa’s income by $450 billion by 2035. Part of the plans of the AfCFTA is the decline of 12 million people living in extreme poverty in West African countries. Number one of the Sustainable Development Goals (SDGs) is increased prosperity. Yusuf said, “There is, therefore, an alignment in terms of the objectives of the AfCFTA and the UNDP.

The very important aspect that was also mentioned has to do with the issue of supporting the AfCFTA especially in the area of trade policy and relevant institutions so that is also very important in many of the African countries, Nigeria included. “There are quite a number of issues around trade policy and around institutions that are supposed to implement the policies of government as far as trade is concerned, so it is expected that this assistance will also help to strengthen and improve the quality of trade policies on the continent and also help to strengthen the trade facilitation institution on the continent.”