(3 Minutes Read)
Nigeria would begin selling some of its products to some of the regional markets with which it has had relatively loose economic ties. The West African country has officially green-lit the sale of locally produced goods to South Africa, Rwanda, Cameroon, and Kenya. Exportation is scheduled to commence by April under an initiative from the African Continental Free Trade Area (AfCFTA).
This has been launched under AfCFTA’s Guided Trade Initiative and is set to formalize regional trade. The move is aimed at enhancing trade ties within the African continent. This will come into effect from April onwards and is disclosed by the National Centre of AfCFTA. While trade with these countries before this initiative has been active, but not formal.
AfCFTA’s Guided Trade Initiative enables countries to choose. Let’s take the companies and let them export from the various ports. Then AfCFTA tests the capacities of the ports, the capacities of the shipments, and the capacities of cargoes. Then the private sector can fully buy into it, stated the Executive Secretary, of the National Action Committee on AfCFTA, Olusegun Awolowo.
Read Also:
https://trendsnafrica.com/afcfta-adopts-trade-reforms-across-africa/
https://trendsnafrica.com/tabef-calls-for-successful-and-effective-implementation-of-the-afcfta/
The AfCFTA was established in 2018 but began operations the following year, with the primary objective of enhancing trade within the African continent. The African Continental Free Trade Area is a free trade agreement created by 54 of 55 African Union states, making it the world’s biggest free trade area by number of participant countries.
