The Federal Government has inaugurated the African Continental Free Trade Area Central Coordination Committee, aimed at enhancing Nigeria’s regional export capacity and positioning the country as a key player in the trade agreement.

The inauguration took place on Tuesday in Abuja, with the Minister of Industry, Trade and Investment, Jumoke Oduwole, expressing the importance of the initiative.

In her address, Oduwole emphasised that the committee’s formation marks a pivotal moment for Nigeria’s strategic involvement in the AfCFTA.

She said the agreement is vital for lifting 30 million Africans out of extreme poverty, increasing the income of nearly 70 million and boosting African trade exports by 29 per cent and intra-African exports by 81 per cent, raising the total from $294bn to $532bn.

“It is both a privilege and a significant moment to gather here today, united by a shared purpose, to launch a committee that will drive Nigeria’s strategic implementation of the African Continental Free Trade Area Agreement,” she said.

The AfCFTA, she noted, is one of Africa’s most transformative trade and economic initiatives.

The minister explained that the committee’s role, made up of 17 relevant government agencies and the organised private sector, is to provide clarity, structure, and cohesion to Nigeria’s international trade efforts.

“It represents more than just a trade agreement; it is a bold vision of integration, prosperity, and inclusive growth across our continent.

“With a market of 1.4 billion people and a combined GDP of $3.4 trillion, the AfCFTA offers Nigeria, and indeed Africa, an unprecedented opportunity to reposition itself in the global economy,” Oduwole said.

The minister also lauded President Bola Ahmed Tinubu for his leadership in advancing the implementation of the AfCFTA, noting that Nigeria’s proactive stance has garnered recognition both regionally and globally.

“The work ahead of us is both urgent and essential. The world is watching how Africa rises, and Nigeria must lead by example,” she added.

The AfCFTA aims to establish a single continental market for goods and services, facilitating investment, trade, and sustainable development between African countries.

The agreement is designed to promote gender equality, structural transformation, and industrial development across African economies.

The agreement has been structured into multiple protocols, with Phase One covering trading goods, services, and business development procedures.

Phase Two will address issues such as investment, intellectual property rights, competition policy, digital trade, and the inclusion of women and youth in trade.

As part of Nigeria’s immediate priorities, Oduwole revealed that a comprehensive review of the past five years will be conducted to assess the country’s progress under the AfCFTA.

“We will review and put together our report and scorecard for ourselves. There is a lot of work already being done, with Nigerian businesses engaging in trade with Namibia, Tanzania, and Kenya,” she stated.

She noted that the committee will work to develop a coordinated roadmap for the implementation of the AfCFTA.

“Many agencies have been working hard but independently. We now want to coordinate these activities, ensuring that Nigerians are informed of what we are doing and that efforts are aligned,” Oduwole explained.

Another significant step involves discussions with an airline to standardize air freight rates for Nigerian exporters to Eastern and Southern Africa, which is expected to positively impact Nigeria’s GDP.

“The idea is to ensure that every ministry, department, and agency has a voice in pending negotiation issues and the implementation of activities,” Oduwole added.

She emphasised that the committee’s work will not just be a formality, but one focused on tangible results.

“We will hold each other accountable as we create a roadmap for Nigerian implementation. We will track progress transparently, ensuring that we can deliver measurable impacts on our GDP,” the Minister concluded.

Oduwole also pointed out that Foreign Direct Investment in trade between Nigeria and other countries in the region has already seen notable growth.

“Statistics show that trade volumes with Africa are now surpassing Nigeria’s trade with the rest of the world. This increase in FDI last year was significant,” she said, highlighting the positive momentum that the AfCFTA is generating for Nigeria’s economy.

Responding on behalf of committee members, the National President of The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Oye, commended the minister for providing a solution to resolve the challenges of poor interagency communication.

He also called for an experience-sharing meeting with private investors who have kick-started intra-African trade for better implementation and to resolve challenges.

“We needed this central coordination committee because in Nigeria, we work very hard but alone. So this is the first time we are addressing this challenge,” he stated.

The establishment of the AfCFTA Coordination Committee, scheduled to meet once a quarter, is expected to further strengthen Nigeria’s role as a reliable and strategic partner in continental trade.