ICC commits to facilitate implementation of AfCFTA

International Chamber of Commerce (ICC) Nigeria has reiterated its support for African Continental Free Trade Agreement (AfCFTA) and have expressed commitment to facilitate implementations to unlock the benefits of the AfCFTA.

This was at the ICC Nigeria 2024 Dinner and Dance, to commemorate the launch of the 11th edition of ICC Advertising and Marketing code, themed Enabling Global Trade and Strengthening Multilateral Cooperation held in Lagos.

Secretary General, ICC International, John Denton, said the theme serves as a reminder of shared purpose to enable business, promote peace, prosperity and opportunity through global trade and international engagements, which is important in today’s world marked by economic, political and climate challenges.

He said that ICC employs over 1 billion private sector workers, while its technical rules and standards underpin merchandise trade and trade finance transactions to the combined total tune of $17.5 trillion yearly.

“And because things can go wrong when doing business, our trusted and neutral dispute resolution services evolve more than $20 billion in commercial disputes every year in Nigeria nd beyond,” he said.

Denton noted that ICC supports trade led development by supporting reforms that ease trade frictions and make it easier and cheaper to trade.

“This includes our work to digitalise trade, enhance access to trade finance and provide companies, including smaller businesses and entrepreneurs with the trusted tools and services you need to enter global markets,” he added.

Chairman, Nestle Nigeria, Mr Gbenga Oyebode, expressed concern over the rising population growth in Nigeria in comparison with the economy.

Oyebode, also Chairman of Lafarge Africa Plc, said that Nigeria has to consider happenings in the world while planning its future decisions as the global village status of the world makes countries affected by the activities of others.

“I think it is important to really put today’s world in perspective. To do that I will essentially be talking about current events and why current events affect our world. What are the current events that are affecting trade and cooperation? Obviously, the war in Ukraine, Middle East and, particularly, in Sudan. They increase the cost of goods. They increase the cost of transportation. Events that may not have anything to do with us directly in Nigeria affect literally everything, ” he said.