AfCFTA Agreement: FG Highlights Action Plan

December 6, 2020 proshare 0 Comments

A This Day Newspaper report quoting the Executive Secretary/CEO of the Nigerian Shippers council (NSC), stated that the digitalisation of Nigerian ports, deployment of e-Customs, investment of over US$300 million in inland dry ports and the overhaul of transportation logistics are steps being taken to position Nigeria to take maximum advantage of the African Continental Free Trade Area (AfCFTA), which will commence 1 January 2021. The AfCFTA agreement requires members to remove tariffs from 90% of goods traded, allowing free access to commodities, goods, and services across the continent. According to International Monetary Fund (IMF), the elimination of tariffs could boost trade in Africa by 15-25% in the medium term. Once operational, the agreement is expected to create a US$3.4 trillion economic bloc, connecting 1.3 billion people across Africa, which would make it the largest trading bloc since the World Trade Organization was formed in 1994. Read More.

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