NEPC, FMITI Unveils Initiative To Maximize Export Potentials From AfCFTA

To better take advantage of the benefits of the African Continental Free Trade Agreement, the Nigerian Export Promotion Council (NEPC) in collaboration with the Federal Ministry of Industry Trade and Investment (FMITI) on Thursday launched the Guided Trade Initiative (GTI).

The event which took place in Abuja was aimed at enlightening, educating, networking, and test-running the process of preparing Nigerian exporters for onboarding the GTI.

The GTI which is a subsidiary of the African Continental Free Trade Area (AfCFTA) will enable Nigerian exporters and businesses to leverage all the available benefits.

Speaking at the launch, the Executive Director NEPC, Ezra Yakusak, said the Council is strategically positioned to assist in providing the right platform for Nigerian companies to gain access to major markets, especially in Africa.

He attributed his reason to no African or Economic Community of West African State (ECOWAS) country making it to the top ten list of the 122 countries importing from Nigeria in 2022.

Yakusak said “Today we launch the AfCFTA-Guided Trade Initiative (GTI), the workshop targeted at onboarding businesses and exporters.

“This is because out of the top ten importers of Nigerian products, no African or ECOWAS country made it to the top 10 list.

“With the launch of the GTI, the NEPC, FMITI will be working tirelessly to change the trajectory, especially in the wake of the AfCFTA.”

Yakusak also disclosed that the Cairo, Lomé, and Nairobi export trade houses and the event coming up in Johannesburg will be spearheading Nigeria’s participation in trade fairs, solo exhibitions, and trade missions amongst others.

The Secretary-General National Action Committee on AfCFTA Wamkele Mene, at the launch, said initiatives will focus solely on three key areas that will guide businesses under the AfCFTA.

One of the area is Value Addition and Industrialization to sensitize businesses on the importance of prioritizing the production of goods with higher value and sophistication which is the primary objective of the AfCFTA.

There is also Skills Development and Capacity Building to fully harness the potential of the AfCFTA, and Trade Facilitation and Logistics to ensure smooth cross-border trade.

Mene noted that the GTI recognizes the critical role the private sector plays in driving economic development and aims to empower enterprises of all sizes to fully capitalize on the benefits offered by the AfCFTA.

Also speaking at the event, the Executive Secretary National Action Committee on AfCFTA, Olusegun Awolowo solicited stakeholders’ support for the GTI to reach its full potential.

He said “We need robust collaborations with critical stakeholders and we must collectively prioritize collaboration over competition.

“Accordingly, in line with our mandated coordination role, we are reaching out and seeking synergies with all stakeholders as we move forward to deliver on an accelerated AfCFTA implementation.”