Today, Nigeria🇳🇬 officially begins trading under Preferential Rules of the African Continental Free Trade Area’s Guided Trade Initiative (GTI), marking a pivotal step towards regional trade and economic integration!
ODI is proud to be supporting Nigeria's journey towards AfCFTA implementation. Over the past year, we have worked closely with the Federal Government and the Nigeria AfCFTA Coordination Office (AfCFTANG) on GTI preparedness and readiness, including convening stakeholder meetings and workshops.
In our recently launched report, authored by Yohannes Ayele, Maximiliano Mendez Parra and Teniola T. Tayo, delve into the economic opportunities and policy considerations that Nigeria can expect from GTI participation:
Key highlights from the report:
🔹 Eliminating tariffs under AfCFTA could boost Nigeria's exports and imports, leading to a net positive economic effect
🔹 Sectors like cashews, ginger, and manufactured goods have significant growth potential
🔹 Targeted policies can help address challenges like reduced tariff revenue and increased competition for domestic industries
We're grateful for the excellent collaboration with the Nigerian government and the UK’s Foreign, Commonwealth and Development Office for their support through funding of our flagship Supporting Investment and Trade in Africa (SITA) Programme. Together, we're supporting Nigeria's integration into the continental free trade area and unlocking new trade opportunities.
📑 Read the full report to learn more about how Nigeria can maximise the benefits of the GTI and drive economic growth ➡ https://lnkd.in/e7uZbWkk
#Nigeria #AfCFTA #OneAfricanMarket #GuidedTradeInitiative
African Continental Free Trade Area (AfCFTA) Secretariat