Business

Stakeholders seeks action plan on export under AfCFTA

Stakeholders, yesterday in Abuja, asked the Federal Government to establish an emergency action plan that will fast track export processes otherwise; the gains of the African Continental Free Trade Area (AfCFTA) may be elusive in Nigeria.

The stakeholders spoke at the opening ceremony of the 16th Abuja International Trade Fair.

President of the Abuja Chamber of Commerce and Industry (ACCI) Dr. Mujtaba Abubakar insisted that there was urgent need for the presidency to summon leaders of agencies in the export sector to enforce single desk clearance for exporters.

This development, according to him, remained the only way to ensure Nigeria’s competitiveness and strength as the biggest economy on the continent.

Abubakar noted that in addition to the action plans already created by the national AfCFTA committee, a deliberate emergency action must be taken to ease the export process.

He stressed the need to declare export facilitation as a national emergency.

Speaking further at the trade fair tagged “Exploring opportunities of the Africa Continental Free trade Area,” Abubakar said as a nation facing low export and high import with rising competition from over 50 nations under AfCFTA, Nigeria must take export mobilization as an emergency.

Abubakar stated that Nigeria would need more industrialists to ensure the economy develops.

The Director-General at of the chamber, Victoria Akai said the trade fair had successive influence on the local economy, particularly by the initial injection of exhibition spending through spending from companies involved directly in the exhibitions and from exhibitors and visitors.

The multiplier effect of the event according to her accounts for a revolving consequence in all sectors as the beneficiaries of the direct and indirect revenues in turn spend their newly gotten incomes on unrelated goods and services, such as, housing, transportation, telecommunication, domestics requirements and entertainment.

“On another level, the fair is assisting the Nigerian government to properly position the SME sector for the export market. The standard of product packaging and the quality of products now on display show that Nigeria is indeed prepared and ready to take advantage of huge opportunities offered by AfCFTA. The fair is thus a major contributor to the facilitation of trade both locally and internationally. The fair is always the right place for business networking, buying and selling,” Akai said.

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