AfCFTA Ushers New Trade Regime
After initial delays, the African Continental Free Trade Area Agreement (AfCTA) finally took off on January 1, 2021 to user a new era in Intra-African trade with 54 participating countries.
The $3.4 trillion economic bloc, which experts believed Nigeria must play a leading role, offers fresh opportunities for the country to boost industrial growth and development.
According to the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, “Nigeria cannot afford to be left out of the emerging African economic block”.
The African Continental Free Trade Area (AfCFTA) presents a major opportunity for African countries to bring 30 million people out of extreme poverty and to raise the incomes of 68 million others who live on less than $5.50 per day.
With the implementation of AfCFTA, trade facilitation measures that cut red tape and simplify customs procedures would drive $292 billion of the $450 billion in…
Source: Thisday Newspaper
