Nigeria’s readiness for Afcfta

“With each new day in Africa, a gazelle wakes up knowing he must outrun the fastest lion or perish. At the same time, a lion stirs and stretches, knowing he must outrun the fastest gazelle or starve. It is no different for the human race. Whether you consider yourself a gazelle or a lion, you simply have to run faster than others to survive.” ― Mohammed bin Rashid Al Maktoum, monarch of Dubai and Prime Minister of United Arab Emirate (UAE)

Today, I will reflect on Nigeria’s preparedness to participate in the African Continental Free Trade Area (AFCFTA). In doing so, I wish to lean on my credentials as the first substantive MD/CEO of, arguably, the first operational airport free trade zone (FTZ) in Nigeria (not Export Processing Zone – because FTZs are more all-encompassing, and also as a member of the World Free Trade Zone Organisation (WZO), among other relevant professional experiences out of over 25 years of my career across various sectors, including international trade and investment, aviation, logistics and supply chain, ICT, agriculture, and solid minerals.

It has been almost six years since Nigeria ratified and joined the AFCFTA, joining 51 other African countries to form the biggest single continental market for goods and services in the world.

This is the largest trade market in the world giving access to over 1.2billion people with a Gross Domestic Product (GDP) of $2.5trillion.

At full implementation, AFCFTA is expected to boost intra-regional trade to at least 33 per cent from the 10 per cent in the next decade. AFCFTA is also projected to lift at least 50 million people out of extreme poverty by 2035, according to analysts.

In addition, AFCFTA is also aimed at facilitating free movement of persons, capital, and investment to deepen economic integration, promote and attain sustainable and inclusive socio-economic development, gender equality, industrialisation, agricultural development, food security, and structural transformation.

About 20 years ago, President Bola Ahmed Tinubu, as governor of Lagos State, conceptualised and set up the Lekki/Lagos Free Trade Zone. It was a visionary and courageous move – highly strategic.

Today, the largest free trade zone in Africa, the AFCFTA, was berthed.

Furthermore, the $209billion Dangote Petroleum Refinery, the largest single-train petroleum refinery in the world, is located in the Lekki Free Trade Zone.

In addition, the construction on Phase 1 of the $1.5 billion Lagos multipurpose deep seaport on the Lekki Free Trade Zone is also completed.

Also, the space and preparation for the Lekki International Airport is ongoing – the next-level airport that will be part of one of the biggest logistics hubs in Africa. The Lekki Free Trade Zone has become a game-changing platform for huge projects that will not only turnaround the economy of Nigeria but will certainly be the best foot that Nigeria will put forward in the AFCTA competitive space going forward.

I look forward to keying into the AFCFTA and achieve the objectives.

How do we key into the opportunities and rein in the benefits?

According to the ACFTA Secretariat, the value chain priorities of job creation and industrialisation on the continent are agriculture and agro-processing, transport and logistics, pharmaceuticals, and automotive sector.

To further contextualise the initiative, the Secretary-General of AFCFTA, Mr. Wamkele Mene, says: “The private sector creates jobs, not governments, not the AFCFTA secretariat. Collectively, it is our job to establish the requisite investment climate so that African businesses can take advantage.”

To that extent, the private sector will be key to the achievement of the AFCFTA.

Therefore, Nigeria, should as a matter of priority, improve and upscale our competitiveness in terms of our critical infrastructure i.e., intermodal transportation network; power; logistics and supply chain platforms i.e the airports and the entire aviation value chain; seaports and the entire maritime value chain, land borders; products value addition and processing.

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