State governments around the country have been advised to seize the opportunities that the African Continental Free Trade Area (AfCFTA) will create for local produce exports.
This call was made by Francis Anatogu, the secretary of the National Action Committee on AfCFTA and the senior special assistant to the president on Public Sector Matters, at a virtual interactive session organized by Coronation Merchant Bank titled “leveraging AfCFTA Opportunities – The Road Ahead”.
“AfCFTA and exports offer us the potential to make every state in Nigeria economically viable, and AfCFTA provides that platform,” Anatogu posited, adding that it is about recognizing the potentials of individual states. “When you think about Nigerian items, there are a few that immediately to mind”.
“In fact, it goes beyond Nigeria if you talk about Soya or Ginger, you’ll attribute it to Kaduna, or fintech and technology you’ll talk about Lagos and if we can capture up to 10 per cent of Africa’s market, we would actually be doubling our export, total export revenue per annum”.
“If you bring the closer as well and making every state variable that means that will not lead to business opportunity is to make every state in Nigeria provide an opportunity for them to grow their local economy. Sell as much export as much as they can, and then protect their revenues as well”.
Mr Banjo Adegbohungbe, managing director of Coronation Merchant Bank, stated that the start of the AfCFTA will be a vital accelerator for Africa’s post-covid recovery, and urged Nigeria to fully embrace the opportunity.
Adegbohungbe said: “ We have chosen to focus today’s conversation on the AfCTA and around the opportunities, we would see in the trade and finance space as we begin to prepare for the post-covid business environment”.