FG committed to achieving seamless implementation of AfCFTA – Katagum
The minister of State for Industry, Trade and Investment, Ambassador Mariam Y. Katagum says the implementation of the African Continental Free Trade Area (AfCFTA) is vital to achieving the gains which Nigeria stands to benefit.
The minister said the federal government are setting up strategies to ensure seamless implementation of the agreement for long term gains.
Katagum stated this while delivering the keynote address at the Institute of Directors (IoD) conference in Abuja which had the theme “African Continental Free Trade Agreement (AfCFTA): Opportunities and Challenges”.
“The real issues are not with the AfCFTA agreement itself, but potentially its implementation. This is why both fiscal and monetary policies are being put in place to enhance competitiveness of the Nigerian economy, and the federal government is ready to take advantage of the impact readiness and impact analysis of Nigeria for enhanced implementation.
“With the constitution of the National Action Committee (NAC), effective strategies will be proposed in order in order to implement the AfCFTA agreement seamlessly through building strong institutions, creating unparalleled legal and regulatory frameworks, reduce bureaucracy and fight corruption to enable us partake effectively in the continental market and carve a niche where we can achieve growth, create jobs and generally improve the living standards of our people,” she added.
The minister further stated that government will build robust trade support infrastructure on sustainable basis as well as identify areas which Nigeria has comparative advantage in a bid to take full advantage of the benefits which the agreement will bring.
Katagum called on the Institute to provide resourceful expertise during the conference as government has opened doors for the private sector to play an active role in the integration process so that Nigeria can achieve it’s desired goals and aspirations.
She also urged Nigerian businesses to adapt to the new competition which the AfCFTA will bring and also take advantage of the largest single market in the world, comprising of 1.2 billion people and a cumulative Gross Domestic Product (GDP) of over $3.4 trillion.
