Nigeria is poised to commence formal exportation of locally produced commodities to South Africa, Rwanda, Cameroon, and Kenya starting in April. This initiative will be facilitated through the Guided Trade Initiative (GTI) of the African Continental Free Trade Area (AfCFTA), as announced by the national center of AfCFTA.
While some Nigerian businesses currently export products to these countries on an informal basis, the upcoming shift will mark the official and formal export of commodities to African nations under the AfCFTA treaty. AfCFTA, established among 54 of the 55 African Union nations, represents the largest free trade area globally by the number of participating countries.
Olusegun Awolowo, the Executive Secretary of the National Action Committee on AfCFTA, revealed this development during an Abuja stakeholders’ workshop on the AfCFTA digital trade protocol. He emphasized that although trading under AfCFTA has not yet commenced, the secretariat of the program has introduced the GTI to initiate trading among countries beyond their regional blocs.
The introduction of the GTI signifies a significant step towards realizing the goals of the AfCFTA agreement, which aims to promote intra-African trade, foster economic integration, and enhance the continent’s competitiveness in the global market.
With Nigeria’s participation in formal exports under the AfCFTA initiative, it is expected to bolster trade relations and economic cooperation with other African nations, contributing to regional development and prosperity.
