The Nigeria Customs Service has expressed concern that the African trade system has failed to grow beyond the estimated 14–15 per cent over the last three to four years.
The Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, said this when he received members of the African Continental Free Trade Area at the customs corporate headquarters in Abuja.
AfCFTA is a free trade area founded in 2018, with trade which commenced on 1 January 2021. It was created by the African Continental Free Trade Agreement between 54 out of the 55 African Union nations.
According to a statement by NCS, Adeniyi expressed readiness to partner with the AfCFTA Secretariat for enhanced trade facilitation in the continent.
Adeniyi has pointed out that Africa’s share in global trade is around 3–4 per cent.
While lamenting the low trade volume in Africa, he said the service understands the importance of balancing trade facilitation and revenue.
“We are not unmindful of the benefits that trade presents including economic growth, job creation, and poverty alleviation because customs trade plays a role in fostering regional and international bonds,” he said.
The Customs’ boss described the guide trade initiative as important for the administration of countries focusing on ways to grow their trade market.
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