FG negotiating AFCFTA’s $3.4trn to boost our economy – Minister

The Minister of Investment, Trade and Industry, Dr Doris Uzoka-Anite, yesterday said the federal government was negotiating to be part of the Africa Continental Free Trade Area (AFCFTA) agreement to access a combined gross domestic product of $3.4 trillion and access with a market of over 1.3billion people across the world. She also said that […]

The Minister of Investment, Trade and Industry, Dr Doris Uzoka-Anite, yesterday said the federal government was negotiating to be part of the Africa Continental Free Trade Area (AFCFTA) agreement to access a combined gross domestic product of $3.4 trillion and access with a market of over 1.3billion people across the world.

She also said that $30 billion has already been committed to Nigeria for trade and investment purposes.

Uzoka-Anite announced these during a ministerial media parley organised by the Federal Ministry of Information and National Orientation in Abuja on Friday.

She said to ensure global competitiveness, the government was negotiating its accession into the AFCFTA agreement, which was posited to be the largest free trade area in the world, with a combined gross domestic product of $3.4trn and access to a market of over 1.3 billion people spread across 54 member states of the African Union.

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When successfully implemented, she said the AFCFTA was expected to lead to diversification of exports, improved market access, enhanced trade opportunities and increased foreign direct investment.

According to her, the reforms would create a future where the hard work of farmers and miners translate into equitable opportunities in national and international markets.

She said the government was creating a national job centre to match available vacancies in industries and businesses with available talent pool.

Uzoka-Anite also said the N200bn lifeline for small and medium enterprises (SMEs) approved by President Bola Ahmed Tinubu was on, and “beneficiaries are undergoing screening. This will in turn enhance access to finance and also give the people a higher purchasing power.”

She noted that several bilateral engagements had been successful and had led to significant investment announcements and partnership opportunities for Nigerian trade.

On his part, the Minister of Information and National Orientation, Alhaji Mohammed Idris, said the president met with the 36 state governors as part of efforts to scale up the collaboration required to tackle the social and economic challenges confronting the country.