At the 2024 Maritime Reporters Association of Nigeria Annual Lecture in Lagos, experts dissected the challenges and opportunities presented by the African Continental Free Trade Area (AfCFTA). Themed ‘AfCFTA: Dismantling Barriers, Navigating Regional Trade,’ the event featured robust discussions on Nigeria’s readiness to harness AfCFTA’s benefits.
President of the Nigerian Indigenous Shipowners Association, Mr. Sola Adewunmi, highlighted a critical gap in maritime infrastructure. “Without adequate transportation facilities, the essence of trade diminishes. As shipowners, we ask ourselves, how prepared are we for this task?” he queried.
Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, celebrated July’s milestone the inaugural shipment under AfCFTA’s Guided Trade Initiative as a step toward enhanced intra-African trade.
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He emphasized that efficient maritime systems are pivotal for economic growth, advocating for investments in port modernization and administrative improvements.
“Promoting intra-Africa trade removes barriers, creates jobs, and drives industrialization. However, infrastructure and institutional reforms are essential for sustainable growth,” Oyetola added.
With Nigeria’s recent entry into AfCFTA’s Guided Trade Initiative, experts called for decisive actions to bridge infrastructural gaps, ensuring the maritime sector fulfills its role in regional economic integration.
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