The Nigerian government has pledged its full support for the trade fair by assuring to create an enabling environment to the development of intra-African trade. Mr. Adeniyi Adebayo, Minister of Industry, Trade, and Investment, made the pledge yesterday in Abuja, while launching the Guided Trade Initiative (GTI) on-boarding process for businesses and exporters. Adebayo claimed the initiative will assist companies in navigating the complex international trade environment, allowing them to seize opportunities and overcome challenges.
Government intends to improve intra-African trade through employing GTI to eliminate information barriers, streamline procedures, encourage teamwork, and unlock untapped resources. To put it simply, the African Continental Free Trade Area (AfCFTA) would not be complete without the GTI. The minister said the objective is to help businesses and exporters thrive through providing them access to resources and information. Key areas of attention for enterprises under the AfCFTA, he said, include value addition and industrialization, talent development and capacity building, and trade facilitation and logistics.
This is an opportunity to propel Africa’s long-term economic growth.
According to him, the AfCFTA is an exclusive opportunity to pool our resources, form a unified market, and propel Africa towards long-term economic growth. Adebayo applauded the GTI’s newfound members, noting that their desire to embrace the initiative is evidence of their dedication to growth and readiness to adapt to a new era of commerce. Therefore, he encouraged them to use this chance to explore new markets, build new connections, and take advantage of Africa’s varied consumer base.
He also reaffirms the government’s dedication to creating environments in which businesses can flourish by ensuring more pro-business policies, infrastructure improvements, trade facilitation measures, and the encouragement of new technologies. Adebayo urged enterprises and the private sector to work with government agencies, trade groups, and other entrepreneurs to pool resources, identify difficulties, and find solutions. To ensure that SMEs can reap the benefits of the AfCFTA, he said, collaboration and partnerships would be crucial in achieving inclusive growth.
GTI proposes a radical transformation of trade operations.
With the establishment of the AfCFTA being a significant milestone on the road to achieving these goals of social cohesion, economic growth, and national pride in Africa. Adebayo urges combine dedication to the values of the AfCFTA, which include fairness, inclusivity, sustainability, and shared benefits, as we embark on this historic path together. The minister urged Africans to “embrace the spirit of collaboration, innovation, and entrepreneurship” as the key to Africa’s economic reform and subsequent ascent. Mr. Olusegun Awolowo, Executive Secretary, National Action Committee on AfCFTA, added that Nigerian businesses may benefit much from GTI participation.
Among the benefits are improved access to markets, higher competitiveness, greater economic diversification, the development of new jobs, and the reduction of poverty. To put Nigeria at the forefront of the global trading landscape, GTI proposes a radical transformation of trade operations, away from inefficient and antiquated manual procedures and towards modern technology-driven processes, automation, and best-in-class trade facilitation practices. Furthermore, the GTI would serve as an rendezvous for companies operating in Nigeria to make connections with their counterparts across the African continent. Through the GTI, Nigerian businesses will be able to connect with counterparts and suppliers across the continent.
Measures are meant to boost non-oil exports.
Opportunity would spur creativity and the sharing of information, ultimately leading to new products and the growth of existing markets. According to Dr. Ezra Yakusak, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), these measures are meant to boast non-oil exports with African countries through Nigeria’s participation in trade fairs, solo exhibitions, and trade missions. He implied that this will lead to greater economic cooperation across Africa. Dr. Yakusak explained that the objective of the partnership with the AfCFTA Coordinating Office and other groups is to boost intra-African trade and expand Nigeria’s influence and market share across the continent.
Related Link
AfCFTA: Website
FG to promote Intra-African trade potential. – Government intends to improve intra-African trade through GTI. – Express your point of view.
The intra African Trade is aimed at ensuring there is efficient bilateral trade between countries in Africa. It will help the continent to really become more united.
FG to promote Intra-African trade potential. Good to hear, if truly federal government will do that. Create enabling environment for trade. It will also increase more relationship with Africa
This will dipping relationship between Africans. This is a lovely trade Intra-African trade potentia. Good really need to improve the standard
Promoting intra African trade will make progress between the countries and bring a good relationship among the countries
Promoting Intra-African trade potential will be a huge accomplishment for the continent as there will be market boom while the trade activities will be fully structured.
This trade will strong relationship with countries trading business between countries and benefit from each other
With this Intra-African trade harmonization countries will be trading with other countries in the continent under regulated fair and clear path for progress.
The development of intra-African trade through Guided Trade Initiative (GTI) will ensure the integration of African countries and ease transactions among African countries.
The promotion of Intra-African trade potential through Guided Trade Initiative (GTI) by the federal government of Nigeria will further strength the ties among African countries.
The promotion of intra-African trade has great potential to boost economic growth and development in Nigeria, as well as in other African countries. By tapping into this potential and taking advantage of the opportunities available, Nigerian businesses can expand their reach and benefit from the growth of the continent as a whole.