The Nigerian Shippers’ Council (NSC) had said the African Continental Free Trade (AfCFTA) if well implemented, will boost intra-African trade to the tune of $35 billion annually.
The Executive Secretary and Chief Executive Officer, Nigerian Shippers’ Council, Mr. Hassan Bello, said this at a conference with the theme: ‘Maximising Benefits of Intra-African Trade Under AfCFTA Regime,’ held in Lagos at the weekend.
Bello was represented by the Operations Officer, Consumer Affairs, Mr. James Chabulatuda.
According to him, the agreement protocols were adopted at a summit held on March 2018, following the deposit of the required 22 ratifications.
The agreement came into effect on 30th May 2019. Nigeria and Benin signed the Agreement during the July 2019 summit in Niger.
As at 25th September 2019, all countries except Eritrea have signed the agreement.
“Agricultural and industrial exports would increase by $4 billion and $21 billion above the baseline respectively,” Bello said.
He pointed out that AfCFTA would encourage small and medium-sized enterprises by 80 percent, by using regional markets as stepping stones for expanding into overseas markets outside Africa.