AfCTFA to boost export quality of Nigerian products: official

0 Comment(s)Print E-mail Xinhua, November 27, 2019
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ABUJA, Nov. 26 (Xinhua) -- The Africa Continental Free Trade Area (AfCTFA) agreement, which entered its operational phase in July, provides an opportunity for Nigeria to improve the export quality of its local products, a cabinet minister said on Tuesday.

In a statement made available to Xinhua in Abuja, Niyi Adebayo, the minister of industry, trade, and investment, said most Nigerian manufacturers now have the opportunity to improve the quality of their products to be exported across the African continent, particularly with the implementation of the AfCTFA agreement.

There is a need for industries within Africa to enjoy the full benefits of the agreement, said Adebayo.

"The Nigerian government is fully committed to resolving the constraints that may affect the business environment and relevant agencies of government are implementing various initiatives that would enable companies in Nigeria to benefit from the pact," he said.

"Though the share of intra-Africa exports as a percentage of total Africa exports increased from about 10 percent in 1995 to around 17 percent in 2017, it remains low compared to levels with Europe, 69 percent; Asia, 59 percent; and North America, 31 percent," the official noted.

According to him, if the continent is to achieve its potentials of diversifying and transforming its economies through the AfCTA, it must begin the work of implementing strategies for exports, diversification, industrialization and value-chain development.

He added that the AfCTA agreement gives Africa a game-changing opportunity that cannot be missed. Enditem

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