The African Continental Free Trade Agreement (AfCFTA) officially takes off today, the 1st of January 2021 marking a new dawn in Africa’s drive towards economic integration.
A short remark contained in a statement signed by Alhaji Al-Mujtaba Abubakar, FCA, President, Abuja Chamber of Commerce and Industry says “Today marks the realisation of a dream conceived in 1963 during the establishment of Organisation of African Unity now African Union.
Abubakar statement said in full: “Across African capitals, from East to West, and from North to South, the celebration is feverish as Africans today break decades of economic isolation by embracing unhindered trade access and interaction targeted at creating collective wealth and listing Africans out of the poverty bracket. As a leading Chamber in Nigeria, ACCI is elated to be part of this historic occasion, a process in which we actively participated from the beginning to fruition.
“We want to note that Nigeria has been fervently preparing for this day especially through the mobilisation and strategic activities of the National Committee on readiness for the AfCFTA. The various sub-sectoral groups have worked for months collating, designing and launching various sectoral action plans to put Nigerian private sector on strong footing for this continental programme. We are glad to affirm that ACCI is a strong partner all through even as we are set to ensure that the various recommendations for accelerated readiness are acted upon.
Nigeria as the leading economy on the continent has a historic opportunity to deepen her economic reach and depth across Africa, leveraging on her affirmed strengths in services and manufacturing sector. Nigerian firms are already strongly rooted in many African countries. This new dawn will only enhance rather than diminish Nigeria’s economic influence on the continent.
“It is on this note that the ACCI is re-committing itself to continuous mobilisation of her members to tap into the various sectoral action plans to enhance their capacities to trade within the context of the AfCFTA. We are also launching a Monthly AfCFTA Monitoring Review Roundtable. The goal is to assess development within the free trade process, assess issues of interest and address disputation in the trading process.
We Congratulate the Federal Ministry of Trade and Investment and the leadership of Nigerian private sector. On this note, we identify with fellow Africans. Africa’s economic union is finally here”. The statement concluded.
The African Continental Free Trade Area (AfCFTA) is a free trade area founded in 2018.
It was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations.
The free-trade area is the largest in the world in terms of the number of participating countries since the formation of the World Trade Organization.
With its Secretariat in Accra, Ghana commissioned and handed over to the AU by the President of Ghana His Excellency Nana Akuffo Addo on August 17, 2020 in Accra.
Its objectives includes creation of a single market, deepening the economic integration of the continent, establish a liberalised market through multiple rounds of negotiations, aid the movement of capital and people, facilitating investment, move towards the establishment of a future continental customs union and achieve sustainable and inclusive socio-economic development, gender equality and structural transformations within member states .
