AfCTA: How Nigeria Can Increase Foreign Exchange Earnings –Customs

It has been revealed how Nigeria could increase her foreign exchange earnings through the African Continental Free Trade Agreement (AfCFTA) .

The Nigeria Customs Service (NCS) made the revelation today November 16, at a Distinguished Lecture Series organised by the Nigerian Institute of International Affairs (NIIA), In Lagos

The Comptroller General of Customs (CGC), Comptroller Adewale Adeniyi, said this could come by way of maximising the expansive marketplace created by AfCFTA to serve as a catalyst for increased trade.

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This, he said further would attract diverse businesses and stimulating economic growth

According to him, the Continental Free Trade Agreement stands as a golden opportunity for Nigeria to significantly enhance its foreign exchange earnings.

Delivering a lecture with the theme: “Nigeria’s Economic Growth and Development: Reforming and Positioning the Nigeria Customs Services for the AfCFTA and other Emerging Challenges”, Adeniyi, submitted that Nigerian had huge potentials with her rich array of sectors.

He mentioned such sectors to include agriculture and technology, adding that the country could ride on the backs of these to strategically position herself within the continental trade framework.

Nigeria, he said should focus on targeted sector-specific initiatives, invest in infrastructure to facilitate seamless trade, and actively engage in cross-border collaborations.

Such cross-border collaboration would help her solidify position as a key player in the African trade landscape.

For him, there would be need for setting up task forces or committees dedicated to each key sector to identify opportunities, which the country could exploit to increase foreign exchange earnings.

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For this to happen however, he advocated synergizing of policies, adding: “This policy harmony must extend to infrastructure development, balancing the trade facilitation mandate of the NCS with revenue generation expectations.

“In navigating this balancing act, the NCS must engage Africans at the heart of its operations, fostering a collaborative dialogue through transparent communication channels.

“The crescendo towards economic brilliance requires prioritising infrastructure development, continuous policy adaptation, and stakeholder engagement.

“As we delve into the intricacies of Nigeria’s economic growth, development, and the dance of trade, remember that behind every policy and every customs checkpoint, there’s a story.”

According to Adeniyi, while the delay in ratifying AfCFTA may be considered a setback, it provides Nigeria with a crucial moment for strategic recalibration, especially to increase foreign exchange earnings