The African Export-Import Bank (Afreximbank) says it is providing one billion dollars grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA).

The Market Traders Association of Nigeria (MATAN) has lauded the role of the federal government in the inauguration of the secretariat for the African Continental Free Trade Area (AfCFTA) in Ghana.

The president of MATAN, Alhaji Jamilu Abbas, who disclosed this in a statement in Abuja, on Sunday, noted that, “the leading role played by Nigeria in ensuring the smooth take-off of the AfCFTA was impressive and commendable.”

According to Abbas, Nigeria had a leading role to play in the implementation of the AfCFTA, as many countries in Africa looked up to Nigeria leading the pact due to its size as the most populous and largest economy in Africa.

MATAN advised Nigerian manufacturers and SMEs to take advantage of the agreement to boost the nation’s trade leverage in the continent and called for harmonization of laws to prevent trade dispute with members of the agreement.

Nigeria was the 34th African country to fully ratify and submit its Instrument of Ratification of the AfCFTA.

It is expected that the AfCFTA will create the desired impetus to stimulate the economic growth of Nigeria in 2021.

However, the Secretary-General of the AfCFTA Secretariat, Wamkele Mene, believes that the full implementation of the AfCFTA would be a long journey as Africa needs the right equipment for customs authorities at the borders to facilitate fast and efficient trade.

Get more stories like this on Twitter