Nigeria’s participation in the African Continental Free Trade Area (AfCFTA) presents a transformative opportunity for economic growth, but urgent action is needed to maximize the benefits. This was the emphatic message from Tony Nwabunike, former President of the Association of Nigerian Licensed Customs Agents (ANLCA) and the Patron of the Association of Maritime Journalists of Nigeria (AMJON) during the 2024 Annual Conference and Awards in Lagos.
Speaking on the theme, “Nigeria’s Maritime Industry Under the Renewed Hope Agenda: What is New?”, Nwabunike highlighted Nigeria’s strategic advantage as Africa’s largest market with over 223 million people. However, he warned that without critical reforms, Nigeria risks becoming a backbencher in AfCFTA—a single market projected to unite 1.4 billion people and a GDP exceeding $3 trillion.
Challenges and Opportunities
Nwabunike identified three key areas requiring immediate attention:
1. Modernizing Borders:
He lamented Nigeria’s slow progress in border modernization, describing current entry points as inadequate for trade and security needs.
“No border in Nigeria aptly meets the requirements to be called a smart border,” he said.
He urged the federal government to prioritize border infrastructure for seamless trade and security.
2. Export Growth vs. Import Dominance:
Nwabunike stressed the imbalance between Nigeria’s import and export activities, stating,
“We are growing our export but not at a commensurate measure with our high import volume, whereas Nigeria has what it takes to become the China of Africa in production.”
3. Trade Infrastructure and Port Revitalization:
He advocated for revamping legacy ports like Burutu, Sapele, Koko, and Calabar to enhance export readiness and leverage AfCFTA.
“These ports are relevant for today’s Nigeria and could serve the larger interests of Nigerians and Africans trading under AfCFTA,” he noted.
Regional Diplomacy and Energy Projects
Nwabunike underscored the importance of strengthening ties with neighboring countries, particularly Niger and Algeria, to advance projects like the Trans-Saharan Gas Pipeline. This project, which aims to connect Nigerian gas fields to Europe, he said, could be a game-changer for Nigeria’s energy exports.
Liberalizing Visa Policies
Acknowledging President Bola Tinubu’s efforts to ease visa restrictions with South Africa, Nwabunike urged similar initiatives for other African nations beyond ECOWAS.
“A liberalized visa regime can shorten travel preparation time and costs, enabling Nigerian traders to tap into the broader African market,” he said. He called for leadership in pushing the African Union towards seamless connectivity.
Electricity and Industrialization
Nwabunike further emphasized the pivotal role of electricity in driving industrialization under AfCFTA.
“We have the potential to become the biggest beneficiary country in AfCFTA if we get electricity right for industrialization and safer fields for our farmers and cross-border traders,” he added.
A Call to Action
Concluding his reflections, Nwabunike challenged Nigeria to embrace AfCFTA as a national priority.
“This is the single largest market opportunity lying on our laps. Nigeria must rise to the occasion to avoid being left behind in Africa’s economic renaissance.”
With bold reforms, strategic diplomacy, and a commitment to infrastructure development, Nigeria could lead the continent in harnessing the transformative power of AfCFTA.
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