The Nigerian Government, through its Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has launched its inaugural intra-African the Nigerian East and Southern Africa Air Cargo to foster intra-continental trade, Sunday, May 25.
According to the Oil-rich country, this development partnership with the United Nations Development Programme is a part of the President Bola Tinubu led-administration to diversify its economy and foster inter-country trade while leveraging the African Continental Free Trade Area framework – AfCTA.
The Air Cargo Corridor is set to open more business opportunities for Nigerian Exporters with major access to the Africa hubs like Uganda, Kenya, and South Africa at a discounted rate of 50-75 percent.
In essence, this intra-continent free trade is expected to have some economic impacts on Micro, Medium and Small Enterprises which in return will cause expansion into African Markets with little to minimal risks, and improved logistics for businesses across the continent.
This initiative will, categorically, affect businesses affiliated with leading national business associations such as the National Association of Chambers of Commerce, Industry, Mines, and Agriculture, Nigeria Association of Small and Medium Entrepreneur, Nigerian Association of Small-Scale Industrialists and Women Chamber of Commerce Industry Mines & Agriculture.
In addition to the benefits this initiative will bring to partnering countries, it is believed that the intra-African trade will position Nigeria as a leading participant of the AfCTA as well as shaping the agreements among member-countries.
The operations are slated to commence from the country’s commercial hub, Lagos State and the Federal Capital Territory, Abuja corridors with a strong federal government collaboration and backup.
The inaugural cargo shipment included a diverse of Made-in-Nigeria products which range from textiles, cosmetics, fashion accessories, agro-processed goods led by a group of women owned businesses to promote inclusion in the import and export industry.
Speaking on this new development, the Minister in her address stated that: “AfCFTA tariffs are now gazetted, enabling Nigerian goods to benefit from lower tariffs across African markets. As we mark Africa Day, I want to especially commend and thank the indefatigable Nigerian businesses participating in this inaugural flight. Today, they are exporting a diverse product basket, textiles, bags, cosmetics, agro-processed products, and more, to our African partners.
“This Administration will continue to stand with you as you take even bigger and bolder leaps to expand Nigeria’s footprint across the continent. The Federal Government remains committed to supporting Nigerian businesses in scaling their exports across the continent”.
