The Federal Government has advised Nigerian business owners to explore the merchandize trade opportunities of the African Continental Free Trade Area (AfCFTA) to penetrate new markets in the continent and attract investment, create jobs and strengthen regional trade value chains.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, gave the advice on Monday during a public hearing, organised by the House of Representatives Committee on Commerce on the AfCFTA Domestication Bill and 12 others
Oduwole, who said that AfCFTA remained the largest free trade area globally based on the number of participating countries, noted that proposed legislation remained critical to regional trade, investment and industrialization, as well as the national government’s economic transformation agenda.
She expatiated: “The AfCFTA is the world’s largest free trade area by number of participating countries. It provides access to a continental market of over 1.4 billion people with a
combined GDP exceeding US$3 trillion.
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“For Nigeria, it presents a unique opportunity for Nigerian businesses to expand into new markets, attract investment, create jobs and strengthen regional value chains”, the minister added.
She recalled that since the agreement was ratified in 2020, Nigeria had made significant progress in its implementation, including establishing institutional framework for coordination.
While declaring the forum open, the Speaker of the House of Representatives, Hon. Tajudeen Abbas, said the public hearing remained important in order to get the inputs of critical stakeholders into the proposed legislation.
According to him, the committee is expected to diligently appraise the objectives of each bill as well as assess their likely impact on the business community, including investors and consumers.
The lawmaker, who was represented by the Deputy Chief Whip of the House, Hon. Ibrahim Isiaka, said: “We firmly believe that legislation is strongest when it does not depend on the wisdom of legislators alone, but incorporates the practical experience, expertise and perspectives of the people it is designed to serve.
“Today’s event is even more significant because commerce is one of the strongest pillars of our economy. It drives investment, stimulates production, expands markets, creates jobs, encourages innovation and strengthens consumer confidence.
“As Nigeria pursues economic diversification and greater competitiveness, we must ensure that our commercial laws are responsive to emerging realities, technological advancement and international best practices”, the lawmaker stressed.
Speaking on the legislative initiative the chairman of the Committee, Hon. Ahmed Munir, explained that the 13 bills scheduled for deliberation at the public hearing were aimed at strongly positioning the nation’s economy for sustainable growth in a rapidly evolving global market.
He said: ‘our goal in the 10th House of Representatives is to ensure our laws actively foster economic expansion rather than obstruct it. The success of this legislative exercise depends heavily on your candid, expert feedback.
” I urge all stakeholders be it governmental, industrial, and civil society to actively participate, offer constructive critiques, and provide data-driven insights to help us refine these bills into robust legal instruments”, the committee chairman added.
