The African Continental Free Trade Area (AfCFTA) has begun to be instrumental between Nigeria and Kenya.
- Kenya received its first shipment from Nigeria under the African Continental Free Trade Area.
- The shipment included synthetic filaments made by Lucky Fibres Limited, a division of the Tolaram Group.
- The move is seen as an African triumph and a realization of the vision of the continent’s founding fathers and mothers.
Reports on Sunday indicated that Kenya has received its first shipment from Nigeria under the African Continental Free Trade Area.
This was made known by Nigeria’s AfCFTA Coordination Office led by Olusegun Awolowo.
The office arranged the cargo following the 31st Ordinary Assembly of the African Union directive.
AfCFTA preferential trade terms were utilized for the shipment’s export, which included synthetic filaments made by Lucky Fibres Limited (Lush), a division of the Tolaram Group.
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Olusegun Olutayo, Senior Trade Expert at the Nigeria AfCFTA Coordination Office, called the move an African triumph.
“In times of escalating geopolitical tension and looming geoeconomic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties. This is a historic moment, a realization of the vision of our continent’s founding fathers and mothers,” Olutayo stated.
“These reforms have been instrumental in positioning Nigeria as a key player in the trade pact,” he added.
Additionally, the senior trade expert lauded the Kenyan government for their seamless partnership, saying it reflects the spirit of the AfCFTA, as reported by the Punch.
The AfCFTA Secretariat, the Kenya AfCFTA Implementation Committee, and the Kenya Revenue Authority were praised by the Nigeria AfCFTA Coordination Office for their contributions to the initiative’s success.
AfCFTA
The African Continental Free Trade Area (AfCFTA) is one of Africa’s most ambitious plans for further economic integration. It aims to create a single market for commodities, services, and people mobility across 54 African countries, making it the world’s largest free trade area in terms of member states.
Key aims include expanding commerce within the continent by lowering tariffs and non-tariff obstacles.
Creating a single market of more than 1.3 billion people with a combined GDP of almost $3.4 trillion.
Promoting industrialization through regional value chains and cross-industry collaboration.
Driving economic growth to raise living standards and alleviate poverty.
African nations may better compete in global markets by harnessing economies of scale.
