Improving Nigeria’s trade prospects under AfCFTA

Nigeria has launched its Preferential Trade initiative under the Africa Continental Free Trade Area Guided Trade Initiative. Is the country poised to maximize full benefits under the trade pact? Bamidele Ayemibo, CEO of 3T Impex Consulting, shed light on the potential opportunities and challenges that lie ahead. Ayemibo highlighted the importance of awareness, government support, and infrastructure development in order to fully leverage the benefits of the trade agreement. Nigeria, despite its business environment challenges, remains competitive within Africa. Ayemibo stressed the significance of leveraging local raw materials for production to take advantage of duty-free trade opportunities under the AfCFTA. He emphasized the need for government-led initiatives to support businesses in enhancing their export capabilities, particularly for small and medium enterprises (SMEs) to boost job creation and value-added exports. While infrastructure and scale remain challenges, Ayemibo underscored the importance of government incentives and subsidies to promote competitiveness in the global market. The conversation highlighted the need for ongoing improvement and feedback mechanisms to enhance Nigeria's trade performance under the AfCFTA.