Tuesday, 23 February 2021

AfCFTA: ROADMAP TO A SUCCESFUL IMPLEMENTATION

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Established in 1888, the Lagos Chamber of Commerce and Industry [LCCI] is the premier Chamber of Commerce in West Africa and a leading voice in public policy advocacy. The Chamber continuously explores ways of creating a conducive business environment in Nigeria for businesses through positive engagement of the public and the private sector.

 

In 2018, African Countries came together to establish the African Continental Free Trade Agreement with trade commencing from January 1 2021. The new market created under the African Continental Free Trade Area (AfCFTA) agreement is estimated to be as large as 1.3 billion people across Africa, with a combined gross domestic product (GDP) of $3.4 trillion. AfCFTA will create a single market for goods and services, in hopes of boosting trade among its nations.

 

The agreement is to work towards a continental customs union; eliminate tariffs on 90% of intra-Africa goods; aid in the movement of capital and people between countries; facilitate external investment; and reduce non-tariff barriers, like the time it takes goods to pass through customs. AfCFTA has the potential to increase intra-African trade by over 50%, according to the UN Economic Commission for Africa, while the World Bank suggests the agreement could mean an added $76 billion in income for the rest of the world.

 

Despite the clear benefits and historic accomplishment, experts say the agreement will face a few hurdles in practice like a lack of modern and efficient infrastructure, unclear information about processes as well as the economic destruction brought on by Covid-19 that could reverse years of progress in the region. Some also fear that large economic gains made in the diverse economies will be unequally distributed.

 

The Lagos Chamber of Commerce and Industry as part of its Public Sector Engagements will be organising a forum on the benefits of the AfCFTA for African Economies and its Citizens. We invite you as Special Guest to this event scheduled for Tuesday, March 16, 2021 at the Commerce House, 1 Idowu Taylor Street, Victoria Island, Lagos by 10.00am.

 

In view of the COVID-19 Pandemic, the event will be a Hybrid Form of both on site and virtual. For the on-site, only 50 guests will be permitted in adherence to the COVID-19 guidelines. Please kindly inform us ahead if you will be joining in person as requested by this invitation so we can make adequate arrangements.


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