AfCFTA Poised to Dramatically Increase Nigeria's Exports

Thursday, November 18, 2021/ 12:51 PM / by AfreximBank / Header Image Credit: AfreximBank

Nigeria has the most togain from the growth in intra-African trade, heard the country's businesscommunity on 18 October at a Lagos roadshow for the Intra-African Trade Fair(IATF2021). The event offered Nigerian audiences a taste of what is to come atthe IATF2021, which will take place in Durban, KwaZulu-Natal, South Africa,from 15 to 21 November 2021.

The African continent's premier trade andinvestment event, the IATF21 is organised by the African Export-Import Bank(Afreximbank), in collaboration with the African Union (AU) and the AfricanContinental Free Trade Area Secretariat.

The Lagos preview event showcased a rangeof topics and opportunities due to be addressed at IATF21, which Nigeria,sub-Saharan Africa's largest economy and the continent's most populous country,is poised to capitalise on. During a panel discussion on 'UnlockingRegional Value Chains Through the Implementation of the AfricanContinental Free Trade Area (AfCFTA)', delegates familiarizedthemselves with the revolutionary Pan-African Payment and Settlement System(PAPSS); the advantages of harmonisation of standards in the automotive andpharmaceutical industries; and the potential for boosting the continent'sautomobile manufacturing.

In his Keynote Address, Mr. OlusegunAwolowo, Executive Director/CEO, Nigerian Export Promotion Council (NEPC),said: "The IATF2021 represents one of the key initiatives to realise theobjectives of the African Continental Free Trade Area. It offers Nigerianbusinesses the platform to key into regional value chains to extend into thehigher value segments of the industries and to satisfy Rules of Originrequirements for the waivers accruing from the AfCFTA. Nigeria is aiming toincrease its export capacity in the near term and its export volumes in themedium term".

Dr. George Elombi, Executive VicePresident, Corporate Governance and Legal Services, Afreximbank, in his openingaddress commented that IATF2021 will support African integration, enhanceAfrican industrialisation and export development, reduce dependence on foreigncurrencies, and help facilitate AfCFTA's objectives.

The IATF2021 roadshow in Lagos featured apanel discussion under the theme: 'Unlocking Regional Value Chains Through theImplementation of the African Continental Free Trade Area (AfCFTA)' with Mrs. Kanayo Awani, Managing Director, Intra-African Trade Initiative,Afreximbank; Mr. Leonard Kange, General Manager Large Enterprises of Bank Of Industry (BOI); Dr. Chinyere Almona, Director-General,Lagos Chamber of Commerce, Industry and Agriculture; Engr. Mansur Ahmed,President, Manufacturers Association of Nigeria; Chief Diana Chen, ChairmanChoice International Group (GAC Motors); Ms. Chioma Ude, Founder, and Convenerof the Africa International Film Festival (AFRIFF); Olivia Onyemaobi, FounderPad-UP Creations; and Mr. Ken Etete, MD/CEO Century Group Nigeria.