Unleashing Nigeria’s Service Sector Prowess: Harnessing AfCFTA for Economic Prosperity.
Stakeholders have urged Nigeria to leverage the untapped opportunities within the African Continental Free Trade Agreement (AfCFTA) for service-based commerce.
This was highlighted during a roundtable organized by the Centre for International Private Enterprises (CIPE).
Prof Jonathan Aremu of the Economic Community of West African States underscored the need to increase the understanding and capacity of Nigerian professionals in trading services, crucial for economic growth.
Aremu pointed out that, while Nigeria is well-versed in goods exportation processes, there’s a lack of familiarity with trade-in-services, which contributes significantly (60 per cent) to the country’s GDP.
He stressed the sector’s potential, encouraging engagement in services trade, especially in leveraging the digital space for international commerce, underlining the need for awareness and benefits realisation.
CIPE’s country director, Lola Adekanye emphasised the importance of strategic planning and private sector collaboration for Nigeria’s success within AfCFTA, stating that development planning is as crucial as trade considerations.
Also, the Programme Director at CIPE Africa, Mary Odongo highlighted challenges such as limited access to finance and infrastructure deficiencies in service trade. She proposed coalition-building to address these bottlenecks, stressing the need for dialogue and solutions targeting power supply and MSMEs’ financial accessibility.
