Buhari’s aide, Okpeke, others examine risks, benefits of AFCFTA

‘ Handshake across divides will expand Nigeria’s participation’

STAKEHOLDERS have highlighted the importance of public- private partnership ( PPP) in boosting Nigeria’s participation in regional and global trade.

They also noted that Nigeria’s active involvement in the Africa Continental Free Trade Area ( AFCFTA) would help to reduce the effect of the current stagflation.

They submitted to the ninth edition of the Leadership Excellence for National Development ( LEND) webinar and podcast series of the JCI Nigeria Senate Association.

The virtual discourse on the risks and rewards of the AFCFTA, was attended by over 125 private, public and civil society professionals from Nigeria, Ghana, South Africa, the United Kingdom, Jordan and North America.

The Senior Special Assistant to President Buhari on Public Sector Matters, Francis Anatogu, said regional trade is the next frontier for countries seeking to “trade their way to prosperity”.

He said AFCFTA is Africa’s stepping stone for African countries to expand their share in the global market. He, however, said the regional market needs to formaise its trade processes and structure to be globally competitive.

Anatogu, who is also the Secretary of Nigeria’s National Action Committee on AFCFTA, examined the risks of corporate inaction and regulatory inertia in the Nigerian environment.

He said AFCFTA gives Nigeria access to Africa’s $ 504.17 billion ( goods) and $ 162bn ( services) market to leverage to drive growth.

Recall that AFCFTA came into effect in January 2021 while Nigeria signed the agreement in July 2019 and ratified it in November 2020.

“The agreement is a clarion call for businesses to boost backward integration and local value addition in readiness for trade opportunities.