To take advantage of the African Continental Free Trade Agreement, the Nigerian government promised to increase local demand for new made-in-Nigeria autos by 40% over the following five years (AfCFTA). Nigeria’s strategic goal was to grab 10% of Africa’s imports and treble the country’s export revenues by 2035, according to the report.
Mr Francis Anatogu, Senior Special Assistant to the President on Public Sector Matters and Executive Secretary, National Action Committee on AfCFTA, revealed this at a virtual seminar hosted by Coronation Merchant Bank on Monday, titled “Leveraging AfCFTA Opportunities – The Road Ahead”.
Analogue stated that one of Nigeria’s strategic goals in joining the AfCFTA was to increase local demand for new made-in-Nigeria autos by 200,000 units, or 40%, over the next five years.
“The country would leverage technology and a cluster development strategy to grow the capacity of MSMEs, reduce informal trade and aggregate them for export,” he said.
“While intra-Africa trade currently flows at 15%, the continent is looking at doubling its share of world trade from 3% to 6% over the next 10 years,” adding that Nigeria’s strategic objective was to capture 10% of Africa’s imports, as well as to double the country’s export revenues by 2035.
“To deepen the economic integration of the African continent as well as expand intra-African trade, catalysing the continent’s environment and automotive systems is the key to the implementation of the AfCFTA,” he said.
Recall that, The African Continental Free Trade Area (AfCFTA), according to the federal government, is predicted to boost the income level of roughly 68 million Nigerians, resulting in poverty reduction and economic growth.
Prof. Yemi Osinbajo, the vice president, said the free trade deal gives a big opportunity for African countries, particularly Nigeria, at the 47th African Insurance Organisation (AIO) Conference in Lagos, Nigeria.