‘Nigeria’s export to double by 2025 under AfCFTA’

Stakeholders at Coronation Merchant Bank’s interactive session have said that Nigeria’s export can double by 2025 under the African Continental Free Trade Area.

They spoke during the second edition of Coronation Merchant Bank’s interactive session series with the theme, ‘AfCFTA – The road ahead’.

The event which held virtually, featured speakers such as the Executive Secretary, National Action Committee on the African Continental Free Trade Area, Francis Anatogu; Economic Affairs Officer, African Trade Policy Center, Regional Integration and Trade Division, United Nations Economic Commission for Africa, Komi Tsowou; and Chief Economist, Coronation Merchant Bank, Chinwe Egwim.

Other speakers and panelists at the session included the Head, Corporate Banking, Coronation Merchant Bank, Demola Adekoya, and Head, Global Trade, Coronation Merchant Bank, Kesiena Esievo.

Speaking on leveraging the opportunities in AfCFTA and plotting a course for Africa’s economic recovery, Anatogu said, “The strategic objective of Nigeria’s participation in the AfCFTA was to capture 10 per cent of Africa’s imports, as well as double the country’s export revenues by 2025. The AfCFTA provides a platform to improve resilience in our economy and make every state economically viable.”

Speaking on building a trade system that was driven by Africans and delivered to the world, Tsowo said, “Almost everything is being exported mainly from the rest of the world which means there is a huge gap that products made in Africa can supply.”

In his welcome remarks, the Managing Director/Chief Executive Officer, Coronation Merchant Bank, Banjo Adegbohungbe, said, “Since the emergence of the COVID-19 pandemic in 2020, the international trade landscape had undergone rapid changes.

He said, “From supply chain disruptions to higher logistics cost to the adoption of digital platforms, the landscape has continued to evolve. More than ever before, oganisations have been faced with multiple challenges while trying to meet their strategic objectives.”

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