AfCFTA: Nigeria targets $50bn intra-Africa export trade, 500,000 jobs

AfCFTA

AfCFTA: Nigeria targets $50bn intra-Africa export trade, 500,000 jobs


 

 

Senior Special Assistant to the President on Public Sector Matters, Francis Anatogu has said the Federal Government hopes  to grow Nigeria’s intra-Africa export trade volume to $50billion by 2035 using African Continental Free Trade Area Agreement (AfCFTA).

Speaking at an event in Lagos on Monday, Anatogu, who doubles as the Secretary, National Action Committee on AfCFTA, indicated that the government is   leveraging the trade agreement to prepare for a post-oil revenue.

To achieve this, he said a number of strategic programmes were  already underway.

These included a N50 billion Naira Export Expansion Facility Programme (EEFP), implemented by the Federal Ministry of Industry, Trade and Investment (FMITI) and the N2.3 trillion National Economic Sustainability Plan for export- driven growth.

AfCFTA
FILE PHOTO: President Muhammadu Buhari signs an agreement establishing the African Continental Free Trade Area (AfCFTA), during the opening of the 12th Extra Ordinary Session of the Assembly of African Union Heads of State and Government in Niamey, Niger Republic recently.

Others are the N1 billion Nigeria-Africa Trade Investment Programme (NATIPP)  launched by Nigeria Export-Import Bank (NEXIM), African Export Import Bank (AFREXIM) and the Nigerian Export Promotion Council (NEPC) and the Zero Oil Plan (ZOP), to promote non-oil exports, create at least 500,000 additional jobs and generate a minimum of $150 billion.

He added that the Nigerian Industrial Revolution Plan (NIRP) put in place by the government will help to build Nigeria’s competitive advantage in key priority sectors, through  accelerated expansion of the manufacturing sector and broadening of  industry scope.

Under the 2021 budget, Anatogu said over N11.61 billion has been set aside for rehabilitation of various railway tracks including, N8.86 billion for Nigeria Railway modernisation  project Lagos-Ibadan – Kano, N1.01 billion for the development of National Transport Databank, N6.05 billion for the construction of outreach centres,  including supply of equipment.