Nigeria’s Minister of Industry, Trade, and Investment, Jumoke Oduwole, has assured the nation of her commitment to harnessing the African Continental Free Trade Agreement (AfCFTA) to strengthen Nigeria’s economy. Speaking after taking office on Monday, Oduwole outlined plans to revise Nigeria’s trade policies to stimulate job creation for the country’s youth and optimize AfCFTA benefits.
Oduwole’s statement comes amid concerns raised by international exhibitors at the ongoing Lagos International Trade Fair (LITF) 2024. Many voiced frustration with border inefficiencies and customs delays, saying these issues have hindered AfCFTA’s effectiveness in facilitating smooth cross-border trade. Businesses also noted that Nigeria’s currency devaluation impacts the profitability of regional trade, making goods more expensive for consumers.
One exhibitor, Asantewa Dotcher, CEO of Charis Excel Ventures, shared that despite the improved customs clearance process this year, inconsistencies persist. Dotcher remarked, “We are not seeing the effects of the AfCFTA at the borders. Customs seem more focused on fees than on facilitating trade.”
Responding to these issues, Oduwole reiterated the government’s plans to reduce trade barriers, attract foreign investment, and enhance export support initiatives like the Export Development Fund and Trade Facilitation Programme. Represented at the fair by Lucia Shittu, CEO of the Teslim Balogun Stadium Management Board, Oduwole encouraged businesses to capitalize on the trade fair’s networking opportunities for growth and expansion.
The AfCFTA, the world’s largest free-trade area by member states, aims to boost intra-African trade and economic integration. However, as Oduwole takes steps to address existing barriers, industry players are hopeful for tangible improvements that will facilitate smoother, more profitable cross-border transactions.
