AfCFTA Opportunities Remain Hidden from Nigerians, Stakeholders Reveal

Stakeholders emphasize that Nigerians are not fully tapping into the potential offered by the African Continental Free Trade Agreement (AfCFTA). In a recent roundtable organized by the Centre for International Private Enterprises, now covered by InfoStride News, experts discussed the opportunities for economic gains through trade in services under AfCFTA.

During the event, Prof Jonathan Aremu, a consultant for the Economic Community of West African States Common Investment Market, highlighted that while Nigerians are familiar with import duty and the exportation of goods, there’s a lack of familiarity with trade-in-services. The goal of the gathering was to enhance the capacity of Nigerian professionals interested in engaging in this aspect of trade.

Aremu emphasized the significance of trade in services, revealing that it contributes 60% to the country’s Gross Domestic Product (GDP). Despite oil being a major contributor, trade in services represents a dominant sector with substantial comparative advantages. Aremu encouraged the exploration of this sector and the need to promote it further.

He explained that individuals can conduct international trade in services from their offices through the internet, allowing them to sell tradable commodities globally and earn export revenue. Aremu acknowledged Nigeria’s commitment to the World Trade Organization and emphasized the increased commitment to AfCFTA in trading services.

Lola Adekanye, the Country Director and Programme Director of CIPE, stressed the importance of proper planning for Nigeria’s success in AfCFTA. She noted that it goes beyond trade and extends to overall development. Adekanye highlighted the necessity of bringing the private sector together for effective planning to ensure the country reaps the benefits of AfCFTA.

Mary Odongo, the Programme Director at CIPE Africa, identified poor access to finance as a challenge in trade in services. She suggested addressing this issue by establishing a coalition comprising all trade-in-service players to collectively tackle challenges. Odongo emphasized the significance of dialogue, addressing power supply issues, and providing financial support to Micro, Small, and Medium Enterprises (MSMEs) engaged in services.

In conclusion, the roundtable discussions underscored the need for Nigerians to explore and capitalize on the opportunities presented by trade in services under AfCFTA. The experts emphasized the potential economic benefits and called for strategic planning, private sector collaboration, and addressing challenges such as access to finance to ensure Nigeria’s success in the evolving trade landscape. This insightful discussion, covered by InfoStride News, sheds light on crucial aspects of Nigeria’s participation in AfCFTA and the steps needed for a thriving trade-in-services sector.