CBN eyes $504b goods in AfCFTA deals

Nigerian companies are set to get preferential access to African markets worth $504.17 billion in goods when the African Continental Free Trade Agreement (AfCFTA) is fully implemented, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said.

Delivering his remarks at the Zenith Bank’s 2021 Export Seminar held virtually in Lagos, yesterday, Emefiele said additional $162 billion in services will also come to Nigeria.

The CBN boss urged Nigerian businesses to seize the AfCFTA opportunity to ensure that Nigeria serves as a significant hub for international and domestic manufacturing companies seeking to serve the West, Central and East African Markets.

“I believe the AFCFTA will provide an opportunity for these young talented Nigerians to expand their services across the African region. Developing trade portals that could support instant sales of goods manufactured in Nigeria to consumers in other parts of Africa is one aspect that can help to support the creation of jobs in Nigeria and improve foreign exchange inflows for the country,” he said.

Emefiele said Nigerian banks are already playing a significant role in expanding across the African continent.

“I would like to encourage them to also leverage their presence in other parts of Africa, to support Nigerian businesses seeking to expand into new markets in Africa, by providing trade facilities to those with strong potentials for growth,” he said.

Emefiele said the apex bank has taken considerable steps to improve the productive capacity of businesses, which would enable them take advantage of export opportunities in Africa.

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