FG Reaffirms Commitment to $1trn Economy by 2030 Through AfCFTA
The Federal Government has reaffirmed its commitment to fast-tracking Nigeria’s economic transformation to a $1 trillion economy by 2030, leveraging the African Continental Free Trade Area (AfCFTA) as a key driver under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Speaking at a capacity-building programme in Abuja on Tuesday, the Acting National Coordinator of the Nigeria AfCFTA Coordination Office, Dr. Olusegun Olutayo, underscored the pivotal role of AfCFTA in unlocking Nigeria’s economic potential.
“Nigeria’s participation in AfCFTA presents both an opportunity and a responsibility. As Africa’s largest economy, Nigeria’s resilient micro, small, and medium-sized enterprises, alongside its larger corporations, are well-positioned to drive the $1 trillion economic agenda,” Dr. Olutayo said.
He emphasized that over 80% of the anticipated expansion will be driven by private sector investment, with AfCFTA’s vast continental market serving as the catalyst.
He highlighted Nigeria’s active involvement in initiatives such as the Guided Trade Initiative, flagship training on AfCFTA Rules of Origin, and the AfCFTA Hackathon to maximize opportunities in digital trade.
Acknowledging the administration’s role, Dr. Olutayo stated, “I acknowledge and thank the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, and the Renewed Hope Agenda in the attainment of these milestones.”
The programme, themed “The Role of Lawmakers in the National Implementation of the AfCFTA Agreement and its Eight Associated Protocols”, was organized by the National Institute for Legislative and Democratic Studies (NILDS) in collaboration with the United Nations Economic Commission for Africa (UNECA).
Representing Senate President Godswill Akpabio, Senator Ibrahim Khalid stressed Nigeria’s leadership role in AfCFTA.
“We are not fashioned by history to linger at the margins. We are summoned to lead. In this solemn duty, the National Assembly stands at the very center. For what is the legislature, if not the guardian of sovereignty, the architect of laws, and the sentinel of national interest?”
Similarly, Speaker of the House of Representatives, Hon. Tajudeen Abbas, represented by Hon. Rabiu Yusuf, described AfCFTA as a transformative opportunity to expand intra-African trade, deepen industrialization, and create sustainable jobs.
He emphasized the need to harmonize national laws with AfCFTA provisions, assuring stakeholders of legislative support.
Earlier, NILDS Director General, Professor Abubakar Sulaiman, described the programme as timely, noting that it would deepen lawmakers’ understanding of their role in ensuring effective implementation of AfCFTA.