Nigeria’s intra-African trade value dipped 11.95 per cent year-on-year (YoY) from N956.93 billion in the first quarter of 2022 (Q1 2022) to N842.6 billion in Q1 2023, despite operation of the African Continental Free Trade Area (AfCFTA) since 2021.
The Lekki Deep Sea Port seeks to position Nigeria for the big gains of the African Continental Free Trade Area (AFCFTA), competitive transhipment, and status upgrade, but local communities want a share of this prosperity and protection.
Nigeria’s intra-African trade has continued to underperform expectations despite the commencement of the African Continental Free Trade Area (AfCFTA) as the trade value fell Year-on-Year (YoY) to N842.6 billion in the first quarter of 2023 (Q1’23) 11.95 percent down from N956.93 billion in Q1’22.
The Nigerian government and the Kingdom of Netherlands have engaged in an Economic Consultation to improve the existing bilateral investment treaty between both countries to strengthen economic interests and opportunities.
On the strength of Nigeria’s estimated 200 million population and huge market, she was tipped as the biggest potential beneficiary of the African Continental Free Trade Area (AfCFTA) Agreement. However, two years after trading commenced on January 1, 2021, Nigeria is yet to begin practical implementation of the trade pact.
SAMI OLATUNJI examines how local challenges could stop Nigeria from reaping the benefits of the African Continental Free Trade Area.
Stakeholders have said the African Continental Free Trade Area Agreement (AfCFTA) has the potential to grow trade value in Nigeria to the tune of $12 billion by 2027.
The Nigerian government, in a bid to boost trade with South East Asia and maximize the African Continental Free Trade Area (AfCFTA) agreement, has announced plans to make $336 billion exporter Vietnam use Nigeria as a gateway into the African market.
The Minister of State for Industry, Trade and Investment, Mrs. Maryam Katagum, has said that the role of the Standards Organisation of Nigeria (SON) remained critical in helping the country’s manufacturing sector to fully benefit from the African Continental Free Trade Agreement (AfCFTA).
The federal government has said it is set to adopt the Phase II Protocols of the African Continental Free Trade Area ( AfCFTA) later this week.
Chief Executive Officer of Ocean & Cargo, Aare Jide Taiwo, has said Nigeria is not ready for AfCFTA implementation. He was speaking on issues bedeviling the country’s maritime industry, in an interview with TOLA ADENUBI of Nigerian Tribune.
The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Evelyn Ngige, has stated that all African countries signatory to the Continental Free Trade Area (AfCFTA) desire to make Nigeria a dumping ground for their goods.
Signing the ECT would give the transnational companies in the energy sector a weapon to re-colonise Nigeria, as it would also be incompatible with Nigeria’s economic diversification aspirations.
This report sheds light on Nigeria’s investment protection regime and its consequences for one of Africa’s biggest countries.
It will be recalled that the AfCFTA agreement has been tipped to create the largest free trade area in the world measured by the number of countries participating.
Three years after signing the African Continental Free Trade Area, Nigeria appears unprepared to compete in the trade regime...
An African supply chain that makes it difficult to move goods by water from Cameroon to Nigeria but easy to move goods from Cameroon to China and other countries is a threat to the regional integration plan.
The NAC scribe said it has been acknowledged that the gains from AfCFTA will only materialise through comprehensive and sustainable implementation focused on outcomes,...
Nigeria is targeting to be part of the International Energy Charter (IEC), a global community that will enable it to attract Foreign Direct Investments (FDI) to accelerate power sector development.
The agreement was brokered by the African Union (AU) and was signed by 44 of its 55 member states in Kigali, Rwanda on March 21, 2018. The only country still not to sign the agreement is Eritrea, which has a largely closed economy.