Promoters of the African Continental Free Trade have said that the agreement has the potential to grow trade value in Nigeria to the tune of $12bn between 2023 and 2027.
They said that the agreement could also reduce trade costs by 20 percent by facilitating the enactment of an omnibus bill on the AfCFTA.
The manual also said that the agreement would execute trade facilitation and infrastructure programs to improve competitiveness.
The manual also described plans to grow the production capacity of Nigeria’s top imports to protect the domestic market, noting that AfCFTA was poised to capture 10 percent of its global imports to double Nigeria’s export revenue by 2035.
The Senior Adviser, United Nations Economic Commission for Africa, Adeyinka Adeyemi, says that the principle for success lay in strategy.