Nigeria may lose its chance of becoming a hub for AfCFTA due to currency risk, insecurity

By Oludare Mayowa Nigeria may not be in a position to tap the gain inherent in the recently launched Africa Continental Free Trade Area (AfCFTA) to become a hub for production if the problems of insecurity and dollar shortage persist. “More noteworthy is that if these forex challenges persist, alongside the rising insecurity levels... Read More

Nigeria needs to improve its business environment to harness gains from AfCFTA ~CBN Gov

The Central Bank of Nigeria (CBN) on Tuesday said improving the business environment in Nigeria is vital if “we are to harness the gains from the African Continental Free Trade Agreement (AfCFTA).” According to the Governor of the CBN, Godwin Emefiele, the CBN through its Trade Monitoring System portal (TRMS) is also helping to... Read More

African Exim Bank raises $1 bln support for continental free trade deal, AfCFTA

The African Export-Import Bank has mobilized $1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs as part of an Africa-wide free-trade area, according to the zone’s most senior official. “We will be able to go to global capital markets and we will be able to go to... Read More

Nigeria financial institutions are Pivotal to Success of AfCFTA~Ecobank

The success of the African Continental Free Trade Area (AfCFTA) will rely heavily on the financial services industry’s ability to facilitate the liberalization process, according to the Managing Director of Ecobank Nigeria, Patrick Akinwuntan. Akinwuntan said this at a webinar titled: Exploring Nigeria’s Readiness for the African Continental Free Trade Area organized by Deloitte.... Read More

ECA launches online platform to boost intra African trade

The African Union Commission and the Economic Commission for Africa (ECA) said it has launched an online platform to tackle Non-Tariff Barriers (NTB) hampering Intra Africa trade. In a statement, ECA said the online platform would allows African businessmen and women to report, monitor and get support to resolve barriers they encounter in the... Read More

Nigeria plans to double export to $50 bln by 2030 under AfCFTA

* Africa Trade Deal to fetch $84 billion in untapped intra-African exports * South Africa to gain more from AfCFTA * Ecobank chief wants a unified means of payment Nigeria on Tuesday said it plans to double its export trade to $50 billion by 2030, especially with the implementations of the African Continental Free-Trade... Read More

Nigeria may lose out of AfCFTA, becomes dumping ground ~Salami

Nigeria would lose out in the implementation of the Africa Continental Free Trade Agreement (AfCFTA) unless its products could withstand international competition, according to the chairman of the National Economic Advisory Council, Doyin Salami. Salami spoke at the meeting on the development of the Secured Agricultural Commodity Transportation and Storage Corridor (SATS-C) in Abuja,... Read More

Cameroon joins 32 other nations to ratify African continental trade treaty

Cameroon has joined the list of countries to formally ratify the African Continental Free Trade Area (AfCFTA) agreement, one month to the commencement of trading, the African Union Commission’s (AUC) Trade Commissioner Albert Muchanga has said. “The Republic of Cameroon became the 33rd AfCFTA State Party following deposit of its instrument of ratification this... Read More

Nigeria wants private sector players to study AfCFTA rules to maximise benefits

Vice President Yemi Osinbajo said Nigerian businesses and the entire private sector must become conversant and knowledgeable with the rules guiding the Africa Continental Free Trade Area (AfCFTA) to benefit maximally from the treaty. AfCFTA, a continental trade treaty that would open the doors for African products and goods to transverse the continent without... Read More

ECA launches online platform to support transactions when AfCFTA takes off

The Economic Commission for Africa has launched an online trading platform that is meant to facilitate trading between buyers and suppliers when the African Continental Free Trade Area (AfCFTA) agreement starts next year. Known as the African Trade Exchange (ATEX), the business-to-business e-commerce platform will not only improve cross-border trade but also provide businesses... Read More