Lagos, 8 December 2022 (ECA) - The United Nations Economic Commission for Africa (ECA) today supported the Government of Nigeria to validate its New Trade Policy following stakeholders’ adoption of its National AfCFTA Implementation Strategy in Lagos, yesterday.
The review and update of Nigeria’s Trade Policy (2023-2027) was deemed necessary to achieve the mission and objectives of the African Continental Free Trade Area (AfCFTA).
In his remarks, Senior Advisor in the Regional Integration and Trade Division (RITD) of ECA, Mr. Adeyinka Adeyemi, said that Nigeria has achieved a milestone in revising its Trade Policy, which dates back to 2002, to reflect the current economic realities and aspiration of the AfCFTA.
“Nigeria is in tune with global standards,” Mr. Adeyemi added.
He commended Nigeria for consulting with key stakeholders, before the Trade Policy’s approval at the highest level and said that ECA has supported the organization of this workshop to ensure that the National AfCFTA Implementation Strategy becomes a success.
On his part, Mr. Aliyu Abubakar, former Director of Trade, at the Nigerian Federal Ministry of Trade and Investment, stated that the review of Nigeria’s trade policy will redefine commerce and trade in the country.
According to Mr. Abubakar, the Federal Government has inaugurated a committee to review Nigeria’s Trade Policy to reflect the changes that have taken place in the global trade and economic policy, in order to enhance the country’s productivity and competitiveness.
“Nigeria’s Trade Policy was first articulated in a document in 1989 and was later revised in 2002; and has not been reviewed or revised since then,” Mr. Abubakar explained.
“The policy review had become even more imperative in order to tap into existing and future opportunities, including the AfCFTA,” he opined.
In conclusion, he thanked ECA for its support and stated that both the National AfCFTA Implementation Strategy and the Trade Policy are premised on a partnership with ECA for execution.
The Nigeria Trade Policy Validation Workshop was held in Lagos, Nigeria and convened over 100 participants from Ministries responsible for trade, industry, security; gender, and youth in Nigeria, women and youth entrepreneurs, UNECA and development partners in Nigeria.
In order to make the National AfCFTA Implementation Strategy a success, ECA has supported the organization of this workshop, under the European Union-funded project, which facilitates AfCFTA implementation in Africa.
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