In a significant move to boost Nigeria’s economic development, Minister of Marine and Blue Economy, Adegboyega Oyetola, has reiterated the Federal Government’s dedication to the African Continental Free Trade Area (AfCFTA).
Speaking at the Maritime Reporters’ Association of Nigeria Annual Lecture in Lagos, Oyetola emphasized the government’s efforts to dismantle trade barriers and navigate regional trade .
Key Highlights:
• Export Processing Terminals (EPTs): The Federal Ministry of Marine and Blue Economy has licensed several EPTs to enhance trade efficiency and fast-track export procedures under AfCFTA.
• Guided Trade Initiative (GTI): Nigeria recorded its inaugural shipment ceremony under GTI in July, marking a crucial step towards enhanced trade cooperation on the continent.
• Port Modernization: The Ministry is driving port modernization through various initiatives, yielding positive results, as acknowledged by the Presidential Enabling Business Environment Council (PEBEC).
• Inland Dry Ports: Establishing more inland dry ports will bring shipping closer to the people, facilitating trade and economic growth.
• Regional Integration: Collaboration with private sector players and regional integration will drive maritime security, safety, and innovation.
Oyetola stressed the importance of promoting intra-Africa trade, removing national barriers, and fostering industrialization, job creation, and economic growth.
He called for stakeholder collaboration to unlock the maritime sector’s potential, emphasizing Nigeria’s commitment to AfCFTA .
This development is in line with the AfCFTA’s goal of creating a single market for goods and services across Africa, addressing challenges such as regulatory differences, inadequate infrastructure, and non-tariff barriers .
As Nigeria reaffirms its commitment to AfCFTA, the country is poised to harness the agreement’s potential for economic transformation and development.
