Former President of the Association of Nigerian Licensed Customs Agents (ANLCA)Tony Nwabunike, has called for decisive action to unlock the full potential of the African Continental Free Trade Area (AfCFTA) for the country’s economic growth.

Nwabunike highlighted that Nigeria could potentially become the leading beneficiary of the AfCFTA, provided the country addresses critical issues like electricity for industrialisation and improved conditions for farmers and trans-border traders.

Speaking at the Association of Maritime Journalists of Nigeria (AMJON) 2024 yearly conference and awards in Lagos, Nwabunike emphasised that while Nigeria’s vast population of over 200 million people positions it as a crucial player in the AfCFTA, the country must address several pressing challenges to maximise the trade bloc’s benefits.

Under the theme, “Nigeria’s Maritime Industry under the Renewed Hope Agenda: What is New?” Nwabunike discussed the importance of addressing gaps in border modernisation, security and trade infrastructure. He expressed concern that while Nigeria’s exports are growing, they are not expanding at a rate proportional to its high import volume.

Nwabunike said Nigeria has what it takes to become the China of Africa in production, underscoring that some African nations are advancing rapidly in economic and social development.

He said being part of the world’s largest single market is an opportunity Nigeria cannot miss. However, Nwabunike stressed that the country’s slow progress in modernising its borders poses a significant barrier.

He pointed out that no border in Nigeria currently meets the “smart border” criteria, which is a critical component for efficient trade, national security and the movement of goods and people.

“Our pace of border modernisation has been very slow, and the government needs to prioritise this. With Nigeria’s multiple entry points, we must ensure our preparedness for the full implementation of AfCFTA to facilitate seamless trade within the region and across the continent,” he stated.

Nwabunike also advocated for stronger diplomatic relations with neighbouring countries, particularly Niger, to improve trade cooperation. He highlighted the importance of projects like the Trans-Saharan Gas Pipeline, which connects Nigeria’s gas fields to Europe via Algeria, requiring coordinated efforts between Nigeria, Niger, and Algeria.

In addition, Nwabunike recommended that Nigeria liberalise its visa regime to enhance travel and trade with other African countries outside the Economic Community of West African States (ECOWAS) region. He commended President Bola Tinubu for negotiating a softer visa regime with South Africa and urged the same approach with other African nations.

“By easing visa issuance, we can reduce travel preparation time and costs, enabling Nigerian traders to tap into the broader African market and setting a precedent for the African Union to improve connectivity,” Nwabunike said.

Speaking on Nigeria’s ports, Nwabunike called on the Nigerian Ports Authority (NPA) to allocate more space for exports and revitalise underused legacy ports such as Burutu, Sapele, Koko Port, and Calabar Port. He noted that these ports could be vital in advancing Nigeria’s position within the AfCFTA framework.

“These maritime infrastructures are essential for today’s Nigeria and could serve the broader interests of Nigerians and Africans trading under the AfCFTA regime,” he said.