Nigeria Plans $50bn Intra-Africa Exports
As part of an effort to boost the African economy, the National Action Committee on African Continental Free Trade Area Agreement has disclosed plans to grow its intra-Africa export trade volume to $50billion by 2035.
The Senior Special Assistant to the President and Secretary, National Action Committee on AfCTA, Francis Anatogu, made this disclosure stated that other national AfCFTA aspirations were to establish a highly productive workforce, a business friendly environment, quality infrastructure, export development incentives and a strong national brand.
According to him, Nigeria’s edge was being one of the most entrepreneurial, innovative and ingenious economies as well as scale of opportunities, quality of talent, scale of ambition and the adaptability and agility of the people.
“Success with AfCFTA is a diversified and sustainable Nigerian economy with strong linkages with neighbours and the top economies in Africa and a globally accepted country brand.
“We are leveraging AfCFTA to prepare for a post oil revenue driven society. The transformation transcends economic changes (includes mindset change)”, Anatogu said.
He said the key challenges to achieving the targets were insecurity, funding, infrastructure and regulatory constraints, production and productivity issues as well as predatory trade practices.
AfCFTA strategic programmes
Anatogu added that AfCFTA have also began implementation on some strategic programmes.
These programmes include: N50billion Export Expansion Facility Programme and the N2.3trillion National Economic Sustainability Plan for export driven economic growth.
Also inclusive is the N1billion Nigeria-Africa Trade Investment Programme.