Federal Government Inaugurates Committee to Strengthen Trade and Economic Growth through AfCFTA
By Vivian Emoni
The Federal Government has inaugurated a committee to ensure strong implementation of the African Continental Free Trade Area (AfCFTA) to strengthen trade and economic growth.
Minister of Industry, Trade and Investment Inaugurates Committee
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, while inaugurating the AfCFTA Central Coordination Committee in Abuja on Tuesday, said that the committee would drive Nigeria’s strategic implementation of the AfCFTA.
AfCFTA: A Bold Vision of Integration, Prosperity, and Inclusive Growth
Oduwole said that AfCFTA was more than a trade agreement, as it was a bold vision of integration, prosperity, and inclusive growth across the Africa continent. She emphasized that AfCFTA represented an unprecedented opportunity to reposition Nigeria and Africa in the global economy.
Committee Comprising Government and Private Stakeholders
The committee is made up of both government and private stakeholders, and Oduwole highlighted the importance of collaboration in achieving the goals of AfCFTA. She urged all committee members to be committed to ensuring a strong and effective implementation of AfCFTA.
Goals of AfCFTA
The agreement aims to facilitate investment and trade, promote sustainable and inclusive development, adapt gender policy and structural transformation, enhance competitiveness, and stimulate industrial development across African economies.
Protocols and Phases of AfCFTA
The agreement has been structured around several protocols, including trading goods, trading services, and business development procedures. Phase one involves trading goods, trading services, and business development procedures, while phase two involves investment, intellectual property rights, competition policy, digital trade, and women and youth in trade.
Committee to Track Progress and Ensure Transparency
Oduwole directed the committee to track progress and ensure transparency in the implementation of AfCFTA. She emphasized the importance of accountability and urged all stakeholders to be committed to achieving the goals of AfCFTA.
Conclusion
The inauguration of the AfCFTA Central Coordination Committee marks a significant step towards strengthening trade and economic growth in Nigeria and across Africa. The committee’s efforts will be crucial in ensuring the successful implementation of the AfCFTA agreement and achieving the goals of integration, prosperity, and inclusive growth.
FAQs
- What is AfCFTA?
AfCFTA is the African Continental Free Trade Area, a trade agreement aimed at promoting trade and economic growth across Africa. - What are the goals of AfCFTA?
The goals of AfCFTA include facilitating investment and trade, promoting sustainable and inclusive development, adapting gender policy and structural transformation, enhancing competitiveness, and stimulating industrial development across African economies. - What is the composition of the AfCFTA Central Coordination Committee?
The committee is made up of both government and private stakeholders. - What is the role of the committee?
The committee will drive Nigeria’s strategic implementation of AfCFTA and track progress to ensure transparency and accountability.
