I call the African Continental Free Trade Area (AfCFTA) the prosperity super highway for the continent. It is a unique opportunity for Africa nay Africans. As we optimize AfCFTA, in Le Look bags we have something good coming out of Nigeria.
We are already in Kenya doing our bag business and we are hoping to get a lot of people on board.
Thanks to the AfCFTA, I have set up an academy in Nigeria to train more people in the beautiful business of making bags. The goal is to raise entrepreneurs who can play a significant role in AfCFTA trade in this bag business.
Nonetheless, some key issues have to be addressed to enable the continent effectively optimize this trade treaty. Logistics is a big concern which must be addressed to enable AfCFTA deliver on the immense potentials which we already know.
In Nigeria in particular, there are core maritime and logistics issues that should be addressed to make AfCFTA a success.
The Lekki Deep Seaport has commenced operations and a few others are being developed in Bakassi, Badagry, Agge, among others. These deep seaport projects should aim to be transshipment hubs considering the new lease of security in the Gulf of Guinea (GoG).
Within the West and Central African Sub-regions, major seaport competitors will be the Ports of Tema, Ghana and Lome, Togo. New deep seaports in Nigeria will have to be ready to compete in terms of infrastructure, efficiency in operations, service-driven costs, modern technology, transparency and ease of doing business.
Freight forwarding in Nigeria also has to be rejigged and tailored towards modern innovations and transparent operations.
Advanced port infrastructure supports intermodal transportation. This means cargo can seamlessly transit between ships, trucks, trains, and airplanes, enhancing supply chain efficiency.
The provision of railways and possibility of barge operations will be crucial to the AfCFTA trade via ports. Port access roads and railway connection have been an impediment to port operations in Nigeria for too long.
Additionally, there is need to deploy technology and innovation using digital marketing tools to promote and expedite trade within the continent.
There is need for both domestic and regional warehousing facilities for distribution of goods.
There is need for exporters to cash in on numerous opportunities created by the Nigerian Customs Service (NCS), Nigerian Ports Authority (NPA) and Nigeria Export Promotion Council (NEPC) on trade facilitation.
The Federal Government must also realize that AfCFTA if properly implemented, in the country will assist to grow the much needed forex. Therefore, we need to support all the players in that corridor.
The Maritime Reporters Association of Nigeria (MARAN) is not left out in this process as the association is the loudest voice in promoting trade across the continent. I specifically thank all members of MARAN for supporting Le Look Limited and its quest to contribute to growing our economy.
Thank you for listening!
*Being excerpts of the Managing Director and Chief Executive Officer (CEO), Le Look Limited, Chief (Mrs.) Chinwe Florence Onyeagom Ezenwa’s paper presented on her behalf by Rev. John Iwori at the 2024 edition of the Maritime Reporter’s Association Of Nigeria (Maran) Annual Maritime Lecture (MAMAL) with the theme “AFCFTA: Dismantling Barriers, Navigating Regional Trade” at Providence Hotel, GRA, Ikeja, Lagos…recently.
