NEPC urges Abia entrepreneurs to key into AfCFTA to expand businesses

The Nigerian Export Promotion Council (NEPC), the country’s lead agency in the promotion of non-oil export, has advised youths in Abia State to take advantage of the African Continental Free Trade Area (AfCFTA) initiative to expand their businesses.

Okechukwu Amaechi, acting State coordinator, Abia State Coordinating Office of the NEPC, gave the advice, at a-day workshop on youth initiative entitled “Unlocking AfCFTA opportunities for growth of non-oil export”, held in Aba, the State’s commercial hub.

AfCFTA agreement was launched in 2019, making a shift in the terrain of international trade. The trade area agreement comprises 55 African Union member States, consisting an economic community.

It seeks to create a single market for goods and services to facilitate the continent’s economic integration in the pursuit of “Agenda 2063” of the African Union.

AfCFTA is a trade agreement that brings together a population of over 1.3billion people and a combined economy of about $3.4trillion.

AfCFTA is expected to increase intra-African trade from the current 14.4% of total African export to over 40%.

AfCFTA is the largest trade agreement globally. It is expected to primarily benefit African small and medium enterprises (SMEs) in the State.

Amaechi, who represented Nonye Ayeni, executive director/chief executive officer of NEPC, said that Aba is a manufacturing hub for products like, leather works, garment, cosmetics, paints, plastics, among other products and will benefit from the AfCFTA, since it has manufactured products waiting to tap into the scheme, hence the choice of the sensitisation workshop.

He said that the new market, is expected to create opportunities for SMEs, by providing access to larger markets, increasing their competitiveness and profitability, help the SMEs and youths in Abia to expand their businesses beyond the country’s boarders.

Amaechi explained also that AfCFTA will help reduce the cost of doing business and enabling SMEs to increase their productivity and profitability.

Reuben Tamba, founder/chief executive officer of UB Brima Investments and Logistics Limited, a resource person at the event, described Abia State, as a. commercial hub in the South-East region of Nigeria, that has the people, skills and manufacturing base to become a leading non-oil exporter under AfCFTA.

“For youths in Abia , AfCFTA will unlock 1.3billion consumers and preferential regional trade conditions”.

To convert potentials into income, Tamba advised youth entrepreneurs in Abia State, to target competitive value chains like, textiles, leather, plastic goods, furniture, processed foods and creative goods, ensure that the products meets standards and logistics requirements.