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FG to promote Intra-African trade potential

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By Usman Oladimeji

Government intends to improve intra-African trade through GTI.

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

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