Nigeria’s ability to fully capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA) is increasingly under threat due to emerging challenges.
Experts warn that without strategic planning and robust policy execution, the country may struggle to realise the full economic benefits of the landmark trade agreement.
As a signatory to the trade agreement, Nigeria stands on the brink of a transformative shift in intra-African trade. However, some hurdles have been listed to stand in the way.
They include persistent infrastructural deficits, regulatory bottlenecks and insufficient trade facilitation mechanisms.
At a recent meeting in Lagos with the state Technical Working Group on AfCFTA, Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade, and Investment, responded to concerns raised by stakeholders after Nigeria’s inaugural shipment under the AfCFTA’s Guided Trade Initiative (GTI) in July last year.
A major point of discussion was the country’s infrastructural challenges, particularly in critical areas such as transportation, logistics and energy.
