In a bid to liberalize and facilitate the movement of people, investment and business across the Continent, the African Continental Free Trade Area (AFCFTA) and the National Association of Nigerian Traders ( NANTS) has said that the Associations will make Nigerian business more competitive on the global market, as Africa’s 1.27 billion population market share is projected to rise to 1.2 billion in 2030.
The President of the National Association of Nigerian Traders ( NANTS) Dr Ken Ukaoha, stated this, at the sensitization workshop on African Continental Free Trade Area (AFCFTA) held at Orchid Hotel Asaba, Delta State capital.
According to the President, as global trade is projected to grow to 6% by 2022,( AFCFTA) is expected to attract an estimated #4 trillion to boost the aggregate private and business to business consumption and in addition to the growth of intra- African trade by 52.3%.
In terms of investments and consumer spending, the AFCFTA is expected to attract an estimated $4 trillion, and it is therefore imperative that we make ourselves available to tap from this largesse and be part of the $4 trillion,” he stated.
Dr Ken noted that the progressive elimination of tariffs and non-tariff barriers to trade in goods, progressive liberalization of trade in services, cooperation on investment, intellectual property rights and competition policy, co-operation on all trade-related policies, co-operation on customs matters and the implementation of trade facilitation measures, establishment of a mechanism and maintenance of an institutional framework for the implementation and administration of the AFCFTA are key pointers to the fact that doors are open for genuine trade and they cannot afford to let go the prospects.
He further emphasized that the successful implementation of the AFCFTA depends on the participants, collective realization that Will eventually made them either the beneficiaries or brunt bearers of the AFCFTA and this will depend on their readiness and preparedness as private sector practitioners.
He urged the participants to stretch themselves to build their knowledge capacity around the Agreement, lobby and participate in the necessary aspects of the negotiations, resist selfish agenda in the operationalization of the AFCFTA, constantly reflect on the major planks of the agreement, build responsible synergies with government and border officials against smuggling and illicit activities, monitor the implementation of the agreement, acquire adequate knowledge of operational processes and procedures, undertake regular analysis of the outputs and outcomes of the agreement, engage in strategic communications and feedback as well as embark on regular advocacy and joint actions.
Earlier in his opening remarks, the lead Expert on Trade Enablement, Mr Olusegun Olutayo said that (AFCFTA) is out to address technical barriers to trade and sensitized Nigerians populace on the need to take advantage of the new trade regime called AFCFTA.
He said that the workshop highlights the benefits of AFCFTA, while stating that for one to be qualified in exporting into the market, he or she must fulfil the rules and regulations of the Firm.
Also in an interview with newsmen, the chairman of Delta State technical working committee and the Director-General of the Delta State investment development Agency ( DIDA)Chief Lucky Oghene- Ogboru promise that his team will work with the Federal Government, relevant ministries and agencies as well as the private sector, to achieve the objective of the state’s export into the African market.
we will put together, the various documents presented at the workshop and come up with an action plan on what to do in the state to take advantage of what products we have, identify them and harness them together, while the government would create enabling environment for the exporters to thrive on, he asserted.
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