AFCFTA: FG commits to dismantle trade barriers
The Minister of Marine and Blue Economy, Adegboyega Oyetola has reaffirmed the commitment of the Federal Government to dismantle all barriers hindering the African Continental Free Trade Agreement (AfCFTA).
Oyetola gave the assurance at the Maritime Reporters' Association of Nigeria (MARAN) Annual Lecture, with theme: AfCFTA: Dismantling Trade Barriers, Navigating Regional Trade, in Lagos.
The Minister represented by the Chief Press Secretary, Mr Ismail Omipidan noted that the ministry through the Nigerian Ports Authority (NPA), has licenced several Export Processing Terminals (EPTs), to fast-track export procedures and enhance the efficiency of trade processes under AfCFTA.
"In July this year, we recorded a significant milestone in our march to economic recovery, following the inaugural shipment ceremony under the Guided Trade Initiative (GTI) of AfCFTA.
``For us, it was a crucial step towards an enhanced trade and economic cooperation on our continent.
``In today's interdependent and globalised world, efficient and cost-effective maritime transportation systems that link global supply chains are the engine that would ultimately fuel economic development and prosperity.
``Also, maritime transport is a strategic economic trade enabler because 80 per cent of global merchandise trade by volume is carried out by sea and handled by ports worldwide as estimated by UNCTAD', he said.
Oyetola pointed out that by promoting intra-Africa trade through the removal of national barriers, doors of opportunities would open to businesses to reach continental markets, thereby fostering industrialisation, job creation and economic growth.
This according to him underscores the need for investment in port infrastructure and improvement in our institutional capacities for management and administration.
The minister expressed optimism that the current thrust of the ministry and its agencies' drive on port modernisation had demonstrated the commitment to repositioning the port ecosystem for greater efficiency via various government initiatives and interventions.
The minister told the gathering that the country was on the threshold of unlocking the potentials in the maritime sector and called for collaboration of all stakeholders to make it happen.
Also, Mrs Chinwe Ezenwa, Chief Executive Officer, Le Look Bags, described AfCFTA as the prosperity super highway for the continent and a unique opportunity for Africa.
Ezenwa noted that they are already in Kenya doing bag business and was hoping to get a lot of people on board.
According to her, thanks to the AfCFTA, they had set up an Academy to train more people in the beautiful business of making bags.
``The goal is to raise entrepreneurs who can play a significant role in AfCFTA trade in this bag business,'' he said.
She noted that some key issues had to be addressed to enable the continent effectively optimise this trade treaty, such as logistics, deployment of technology, provision of railway and others.
She urged government to realise that AfCFTA, if properly implemented, in Nigeria would assist to grow the much needed forex, and so the need to support all the players in that corridor.
The highpoint of the event was the presentation of laurels to stakeholders who have performed exceedingly in the maritime sector.
Some of the beneficiaries include; Custom Area Controller, Tin Can Island Port, Comptroller Dera Nnadi; former President of MARAN and Editor-in-Chief of Shipping Position Daily, Mr Sesan Onilemo; President of Maritime Security Providers Association of Nigeria (MASPAN), Mr Emmanuel Maiguwa; among others.
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