Nigeria’s Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, says that the country is targets an export market of up to $79 billion through the expansion of its export capacity with the African Continental Free Trade Area framework (AfCFTA).
Speaking at a high-level roundtable on the country’s implementation of the AfCFTA protocols in Abuja, the minister praised Nigeria’s participation in the development of AfCFTA and leadership in the implementation of the trade agreement.
She noted that Nigeria’s chairing of the Negotiating Forum that delivered the AfCFTA and its active engagement in aligning regulatory frameworks with AfCFTA protocols on investment, digital trade, intellectual property rights, and competition policy.
The minister listed anticipated benefits of AfCFTA to the country’s economy, including “an estimated 15-17 per cent increased growth in gross domestic product, creation of 11 million new jobs across sectors, and expansion of export capacity by at least 15 per cent, amounting to $79bn in increased exports.”
According to her, the conversation between the AfCFTA Secretariat and the Ministry of Industry, Trade, and Investment centred on potentials and achievements in digital trade and trade in goods and services.
“Nigeria is a leader in digital trade within AfCFTA, (having achieved) the launch of the Technology Export and Digital Trade
The minister listed anticipated benefits of AfCFTA to the country’s economy, including “an estimated 15-17 per cent increased growth in gross domestic product, creation of 11 million new jobs across sectors, and expansion of export capacity by at least 15 per cent, amounting to $79bn in increased exports.”
Desk developed a digital economy and e-governance bill to address electronic communications and signatures and ran initiatives like the National Talent Export Programme and Outsource to Nigeria Initiative.
She also stated that the government digital tech and creative entrepreneurship programme, known as the ‘Investment in Digital and Creative Enterprises’ and the ‘3 Million Tech Talent Programme,’ and some of the efforts to close knowledge gaps in the digital ecosystem.
“There is compelling data on Nigeria’s digital economy,” Oduwole said, adding that .“Information Communication Technology sector contributing 20 per cent to GDP (Q2 2024), e-commerce spending projected to reach $75bn by 2025 and digital trade revenue growth from $5.09bn in 2019 to a projected $18.3bn in 2026.”
Oduwole emphasised that Nigeria has been updating its trade policy to align with AfCFTA objectives.
She disclosed that that Nigeria has submitted its Schedule of Tariffs and Services, enhanced private sector engagement to foster readiness for intra-African trade opportunities, and assumed a positive approach to trade facilitation and ease of doing business.
Oduwole stressed the need to partner and collaborate with the AfCFTA Secretariat and other relevant stakeholders, noting, “I would like to emphasise the importance of partnerships with stakeholders such as Afreximbank and the launch of the $1bn Automobile Industry Facility Fund to support industrialisation efforts.
“I call for continued dialogue and capacity building to ensure inclusivity and the successful implementation of the AfCFTA,” she added.
GIK/APA