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Minister of Industry, Trade, and Investment, Jumoke Oduwole
The newly appointed Minister of Industry, Trade, and Investment, Jumoke Oduwole, has assured operators that the African Continental Free Trade Agreement would be utilised optimally to benefit Nigeria.
She disclosed this after assuming duties on Monday, shortly after taking the oath of office administered by President Bola Tinubu at the Presidential Villa, Abuja.
This came as international businesses comprising exhibitors at the Lagos International Trade Fair 2024 complained that Nigeria was facing challenges in actualising the AfCFTA, stressing that border inefficiencies had continued to hinder cross-border trade.
In her address on Monday, Oduwole emphasised the need to reverse Nigeria’s trade policies to create competitive jobs for the nation’s youth.
“The time has come for Nigeria to reverse her trade policies to create competitive jobs for our teeming youths,” she stated.
A statement by the FMITI Director of Press and Public Relations, Adebayo Thomas, further quoted the minister as saying, “Expectations are high for change, and as a human collaborator, I will ensure that such expectations are met in this sector.
“What gets measured is what gets done. We will systematically ensure periodic performance appraisals to ensure that targets are met. We will also ensure that the African Continental Free Trade Agreement would be utilised optimally to benefit Nigeria.”
The AfCFTA is a free trade area that has 43 parties and another 11 signatories, making it the largest free-trade area by number of member states, after the World Trade Organisation, and the largest in population and geographic size.
Meanwhile, international businesses complained that Nigeria was facing challenges in actualising the AfCFTA.
Exhibitors at the LITF 2024, organised by the Lagos Chamber of Commerce and Industry in Lagos, told The PUNCH that added to cross-border trade difficulties, Nigeria’s currency devaluation negative impacts the profitability of trans-African trade.
The Chief Executive Officer of Charis Excel Ventures, Asantewa Dotcher, highlighted the recurring customs delays her company has faced when bringing products from Ghana to Nigeria.
Dotcher, whose business specialises in organic hair and skin products, shared that this year marked the first time her goods cleared customs before the start of the fair, a significant improvement after years of delays.
Dotcher stated that the inconsistency with the Nigerian Customs Service indicated a lack of AfCFTA’s impact on the ground.
“We are not seeing the effects of the AfCFTA at the borders,” Dotcher asserted. “All we know is that the border customs don’t understand the AfCFTA policy. They understand money. You need to pay money before you can get the goods.”
Another exhibitor, who wished to remain anonymous, echoed these concerns, noting that higher product costs have driven some customers away.
“Many of the people that have come say the items are costly, but I cannot sell below the cost of what I produced,” she added.
At the trade fair’s opening ceremony, the industry and trade minster, Oduwole, represented by the Chief Executive Officer of the Teslim Balogun Stadium Management Board, Lucia Shittu, emphasised the government’s efforts to improve trade conditions.
Oduwole cited reforms to reduce trade barriers, attract foreign investment, and promote export initiatives such as the Export Development Fund and Trade Facilitation Programme.
“The present administration and the Ministry are dedicated to creating an enabling environment that supports businesses,” she said, urging exhibitors to seize opportunities at the fair to connect and expand.
