Business
Buhari Inaugurates AfCFTA Action Committee
Nigeria’s position in the African Continental Free Trade Area (AfCFTA) remains that African economic and social integration must be rules-based and with built-in safeguards against injurious practices, President Muhammadu Buhari said.
President Buhari stated this on Friday in Abuja, when he inaugurated members of the National Action Committee for the Implementation of the AfCFTA Agreements.
According to reports, the AfCFTA is an important part of the African Union- 2063 Agenda to promote economic and social integration on the continent.
Buhari said the mandate of the members is to support the efforts of Ministries, Departments and Agencies (MDAs) of government, stakeholder associations and businesses to realize the benefits of AfCFTA, while putting measures to address any threat (to Nigeria’s national interest) that may arise.
He, therefore, maintained that all parties must work together and not allow any loopholes that might prove injurious to the Nigerian economy.
Buhari said: “We are very hopeful of creating a single African market for ‘Made -in- Africa’ goods and services. This trade, together with free movement of people and capital, will result in faster integration of African economies.
As a government, we must ensure that Nigeria’s position remains that, such integration must be rules-based with built-in safeguards, against injurious practices.
Our logic was simple: As Africa’s largest economy and most populous nation, we cannot afford to get it wrong. We consulted all key stakeholders. We also conducted a rigorous impact and readiness evaluation. It was after these consultations and studies, and satisfactory reports that I signed the AfCFTA Agreement on behalf of Nigeria in July this year.
We know the benefits and understand the challenges. It is clear that, for us to fully benefit from this agreement, we must have an implementation programme that reflects our national trade objectives and development plans”.
The President explained that, already, the government had established the National Action Committee on AfCFTA.
He also disclosed that he had directed all key ministers and senior government officials to provide maximum support to the Committee.
“For us as a government, our expectations from this agreement include job creation for our youths, increased production of our local raw materials and ultimately, exporting quality ‘Made-in-Africa goods’.
“You are to submit quarterly reports on your progress, and I look forward to receiving your first report in March 2020,’’ Buhari reminded members of the committee.
Earlier in his remarks, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo explained that AfCFTA was being negotiated in two phases.
He said the Phase I agreement comprises of the framework agreement; the protocols for trade in goods and trade in services; and the mechanism for dispute resolution.
Reports say that the Phase I agreement came into force on May 30, 2019 , one month after the 22nd African country ratified the agreement.
“Although, the main Phase agreement has been completed, negotiations are continuing on the annexures and appendices. Notable items being negotiated include among others, the schedule concessions for Goods and Services and the product specific Rules of Origin for the remaining 12 per cent of tariff lines”, he said.
It is estimated that the Schedule of Concessions will become effective in July 2020,’’ Adebayo said.
The minister also revealed that the Phase II negotiations would start in Jan. 2020 and would focus on investment; competition policy; and intellectual property rights.
According to Adebayo, in the preparations and actual negotiations, the relevant entities of government are involved.
He said stakeholders are also consulted and allowed to participate in the negotiations as observers.
The Minister said that the mandate of the National Action Committee includes: Conclusion of a common undifferentiated ECOWAS schedule of concessions for trade in goods and trade in services for AFCFTA and Common External Tariff (CET) negotiations.
Also, NAC is mandated to Championing programmes to resolve the critical continental level challenges such as smuggling and abuse of rules of origin, production capacity constraints as well as border and trade rules enforcement.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos