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Nigeria to enhance demand for made in Nigeria vehicles through AfCFTA.
National Action Committee, NCA, on African Continental Free Trade Agreement, AfCFTA set up the federal government has resumed its exploration of the economics of the African market to enable easy access for Nigerians.
The AfCFTA committee was set up to enable citizens and businesses in Nigeria to penetrate the AfCFTA and reap its benefit with ease.
Mr Francis Anatogu, AfCFTA Executive Secretary, made a remark on the plans of the government to enhance demand for vehicles made in Nigeria to 200,000 units, in the next five years through AfCFTA, during a virtual seminar organised by Coronation Merchant Bank on Monday.
Business experts have continually emphasised that Africa’s growth and investment opportunities are enormous within the AfCFTA.
More so, AFCFTA will expand the scope for export and requiring local manufactures and producers to further utilise available resources adequately.
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Goods made in Nigeria or within the AfCFTA like vehicles could have little appeal to Europe and America who have higher standards for such products.
But growing local content can be cost-efficient, a job creator and investment magnate.
Anatudo further said that “While intra-Africa trade currently flows at 15%, the continent is looking at doubling its share of world trade from 3% to 6% over the next 10 years.”
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The committee also noted that Nigeria has a strategic objective to grow the demand rate for vehicles made in the country over five years as well as raise imports within Africa from 8.2% to 10%.
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