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National forum on African Continental Free Trade Area holds in Lagos

03 Dec 2019, 03:05 pm
Financial Nigeria
National forum on African Continental Free Trade Area holds in Lagos

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The AfCFTA forum is organised to bring together the private sector in Nigeria to learn how to best leverage intra-Africa trade opportunities.

African leaders at the AU Summit in Kigali, Rwanda, when the African Continental Free Trade Area agreement was first signed by 44 of the AU's 55 member-states

The United Nations Economic Commission for Africa (ECA), together with the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and other partners, will this week hold a national forum on the African Continental Free Trade Area (AfCFTA) in Lagos. According to a statement released today, the forum will take place on December 5-6.

Other organisers of the forum, themed "Effective Implementation of the AfCFTA for Industrialization and Inclusive Economic Development," are the European Union (EU) and the African Union Commission (AUC).

The AfCFTA aims to create the world’s largest free trade zone, increase intra-Africa trade by 52 per cent by 2022 and remove tariffs on 90 per cent of goods. The AfCFTA agreement was adopted and opened for signature on 21st March, 2018 in Kigali, Rwanda. It entered into force on 30th May, 2019, thirty days after having received the twenty-second instrument of ratification on 29th April, 2019 in conformity with legal provisions. Currently, 54 countries have signed the AfCFTA and 27 countries have ratified it.

President Muhammadu Buhari signed the agreement on 7th July, 2019 at the African Union Summit in Niamey, Niger, as the process of operationalising the agreement commenced. Subsequent to signing the agreement, the government created the National Action Committee for the implementation of the AfCFTA under the chairmanship of Niyi Adebayo, Nigerian Minister of Industry, Trade and Investment.

“This AfCFTA Forum will bring together the private sector in Nigeria to afford them the opportunity to learn how to best leverage the opportunities within the AfCFTA,” said Adeyinka Adeyemi, Senior Advisor with the African Trade Policy Centre at the ECA. “The role of the private sector is critical in its implementation."

The forum is also being organized to engage with and consult intra-Africa actors across a diverse range of different sectors to better understand how the agreement can shape more inclusive economic development in Nigeria.

“The agreement has the potential to generate a range of benefits for Nigeria through supporting trade creation, structural transformation, productive employment and poverty reduction,” the ECA said.

This forum is part of a comprehensive project supported by the EU to deepen Africa's trade integration through effective implementation of the AfCFTA. The AfCFTA is expected to become a key engine of economic growth, industrialization and sustainable development in Africa in line with the African Union’s Agenda 2063 for "The Africa We Want".


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