Jumoke Oduwole, the new Minister of Industry, Trade, and Investment, has promised to make the most out of the African Continental Free Trade Agreement (AfCFTA) to help Nigeria. She made this statement after starting her new job on Monday, right after being sworn in by President Bola Tinubu at the Presidential Villa in Abuja.
Her comments come in response to concerns raised by international businesses at the Lagos International Trade Fair 2024, who reported that Nigeria is struggling to fully implement the AfCFTA. They highlighted that delays and issues at borders are making it difficult for trade between countries in Africa.
Oduwole stressed the importance of changing Nigeria’s trade policies to create more job opportunities for young people in the country. “We need to change our trade policies to help our youth get good jobs,” she said. She also mentioned that there are high expectations for improvement in this area and that regular evaluations would be conducted to ensure that goals are met.
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The AfCFTA is a big trade agreement involving many African countries, aimed at making trade easier and increasing economic growth across the continent. However, international businesses at the trade fair pointed out ongoing challenges, including the impact of Nigeria’s currency losing value, which affects their profits.
One business owner, Asantewa Dotcher, shared her struggles with customs delays while trying to bring her products from Ghana to Nigeria. This year, she experienced fewer delays than in the past, but noted that the customs officials didn’t seem to understand the AfCFTA rules and focused more on fees.
Another seller mentioned that high product prices are driving customers away, as they can’t sell their goods for less than what it costs to make them.
At the opening of the trade fair, Oduwole’s representative spoke about the government’s commitment to improving trade conditions by reducing barriers, attracting foreign investment, and promoting export initiatives. “We are dedicated to creating a supportive environment for businesses,” she said, encouraging exhibitors to take advantage of the fair to network and grow their businesses.
