The Minister for Industry, Trade and Investment, Mr Niyi Adebayo, has said the African Continental Free Trade Area (AfCFTA) would eliminate tariffs on 90 percent of tradable goods.
He stated that developing countries will enjoy the tariff free trade for five years while developed countries will benefit for at least 10 years.
The minister made this known in Asaba during a meeting with the Delta State Government.
He explained that the AfCFTA agreement sought to create a single market for Made-in-Africa goods with a population of 1.2 billion people and a combined Gross Domestic Product, GDP of $3.4 trillion.
Minister, who was represented by the Director of Trade in the Ministry, Mr Aliyu Abubakar, said the agreement would also expand market access for Nigeria’s exporters of goods and services.
According to him, exporters trasde in turn, catalyse production growth and boost job creation in Nigeria’s economy.
He held that the AfCFTA would stimulate Nigeria’s export diversification by providing preferential access to Nigeria products and services to the huge African market which currently sourced 85 percent of imports from outside the continent.
Presenting a progress report of the National Action Committee on AfCFTA, Secretary of the Committee and Senior Special Assistant to the President on Public Sector Matters, Mr Francis Anatogu, said the Committee had developed a National Implementation Plan for inputs from government and private sector stakeholders.
