Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has noted that with the country officially gazetting the trade protocol, Nigerian businesses are set to take over intra-African trade.
    
She explained that henceforth, Nigerian exports would receive more favourable terms across the continent, and other businesses could also import their goods into the Nigerian market.
    
Speaking after the official submission to the AfCFTA secretariat, she touched on the process that went into putting the ECOWAS trade schedule together by the Nigerian government and her agencies. Revealing that the country signed the agreement in 2021 and started trading under the AfCFTA last year, she said the process of gazetting was a long and rigorous one. She said the Nigerian Customs Service (NCS) worked with the AfCFTA National Action Council office and the Ministry of Finance, which in turn wrote to the president (as they were in charge of tariffs scheduled for the gazetting).
   
“We got the approval, and it went on to the Ministry of Justice (MoJ). We then collaborated with the MoJ to get it gazetted, and it contains our tariff schedules as approved for Nigeria,” she said.
    
She said this was important as it signals that Nigeria is serious about the agreement and about trading, especially as it looks to prioritise exports. “We have been focusing a lot on the AfCFTA, and I am happy we were able to take our time and respond because this is the strategy we have been adopting for the last 22 months.”
    
Oduwole added that Nigeria’s export to Africa trumps the country’s total non-oil exports, growing by 24 per cent year-on-year according to the Central Bank. “This tells us that there is a lot of opportunity for our MSMEs to trade across the continent. Trade in goods and trade in services are two areas we are particularly pushing under the AfCFTA in terms of exports. We have a market intelligence tool that will be released shortly, which will show where Nigerian goods are in most demand in southern and eastern Africa. We are also supporting MSMEs in terms of logistics, getting certifications and regulatory processes and getting their goods to these markets. We are also supporting trade missions to those African countries,” she said.
     
Pointing out that the NCS is hosting all African countries’ heads of customs in Abuja this quarter, she said the meeting would address how goods, especially agricultural produce, can move easily and faster across the continent.
    
“For instance, Ethiopia had excess wheat last year when many other countries were in great need, but getting it across to those in need remains the challenge. We want to see how Africa can trade more within itself and improve intra-African trade to 50 per cent by 2030. We have, however, agreed that it is quite late to meet this deadline,” she said.
    
The minister said this is the right time to encourage MSMEs, female and youth-led businesses, to trade regionally as AfCFTA speaks to smaller businesses and not just big businesses. “In terms of trade in services, Nigeria is doing well in financial and fintech services. Technology and digital trade are both enabling several businesses, like edutech and agritech, to move across the continent. The FMITI’s new survey would help to track where our tech firms are trading and where they want to trade across Africa,” she said.
  
Adding that Nigeria is fully committed to trading within the AfCFTA, she said local businesses are beyond ready as the country’s products are in heavy demand across the continent. “This agreement will boost these businesses as they go out of the shores of Nigeria, trade effectively and earn much-needed FX. Businesses can now export to any part of Africa, and this will boost job creation, expansion of Nigerian businesses, as well as improved market access and share.”
    
Touching on the recent tariffs imposed by the U.S, she acknowledged that different African countries would be affected in different ways, saying that they have all decided to have a unified position.
   
“However, it is imperative we all look inwards into Africa. 2030 is too late to take intra-African trade penetration to 50 per cent. We need to ensure we begin trading with each other more aggressively, and Nigeria is ready to lead this charge. Our new mandate is to ensure that all the coordinating agencies involved with the AfCFTA are working in tandem to support our exporters as they take on new markets,” she stressed.