Nigeria’s customs service has announced a new partnership with the African Continental Free Trade Area (AfCFTA) secretariat to improve trade facilitation and reduce barriers to trade across the continent.
The Comptroller-General of Nigeria Customs Service (NCS), Adewale Adeniyi, said he was ready to collaborate with the AfCFTA secretariat to enhance trade facilitation and address the challenges of low intra-African trade volume.
He made this known when he received members of the AfCFTA secretariat at the Customs Corporate Headquarters in Abuja on Monday.
Adeniyi said the NCS fully understood the importance of balancing trade facilitation and revenue collection while pointing out that Africa’s share in global trade was around three to four percent.
He expressed concerns about how the African trade system had stagnated at 14 to 15 percent for the last three to four years.
“We are not unmindful of the benefits that trade presents-economic growth, job creation, and poverty alleviation because Customs trade plays a role in fostering regional and international bonds,” he said.
He expressed joy that the AfCFTA, which started over 10 years ago, had received positive projections from many international organizations.
He said the NCS was projecting a two percent increase in the share of regional trade, which could lift over one million people out of poverty and add N450 billion to Nigeria’s gross domestic product (GDP).
He mentioned that the NCS had taken several measures to improve trade facilitation in Nigeria, such as planning the implementation of a time-release study in the first quarter of 2024, working with other government agencies, and investing in data analytics.
He also called for collaboration in the verification of goods origin at the port, as the NCS had been designated the appropriate authority for that purpose.
Speaking earlier, the Secretary-General of the AfCFTA, Wamkele Mene, congratulated Adeniyi on his appointment and confirmation and expressed excitement to work with him to find solutions to the issues affecting trade in Africa.
He highlighted the importance of cooperation between the AfCFTA and the NCS in tackling trade impediments and conveyed his excitement about jointly finding solutions to the issues affecting trade in Nigeria, emphasizing that the AfCFTA was committed to collaborating with the NCS to enhance trade facilitation not only in Nigeria but across the African continent.
He said the partnership between the AfCFTA and the NCS would significantly improve trade and revenue generation in various African countries, including but not limited to Nigeria, Burkina Faso, Mali, and Kenya.
He underscored the strategic role that effective trade facilitation played in fostering economic growth and development across the region.
The AfCFTA, established to promote intra-African trade and economic integration, sees its partnership with the NCS as a crucial step towards realizing its objectives.
The collaboration aims to streamline customs procedures, reduce trade barriers, and enhance the efficiency of cross-border trade.
The Secretary-General’s visit marks a milestone in the ongoing efforts to harness the economic potential of the African continent through improved trade practices.
The visit also coincided with the launch of the Guide Trade Initiative, a platform that provides information and guidance on the AfCFTA to traders, businesses, and policymakers.
The initiative is expected to increase awareness and understanding of the AfCFTA and its benefits, as well as facilitate compliance and dispute resolution.
The AfCFTA secretariat and the NCS expressed their optimism and commitment to work together to make the AfCFTA a success story for Africa.
Source: Tribune Online
