GIZ Nigeria & ECOWAS’ Post

What an amazing week in Namibia as an exhibitor and a MSME representing Nigeria at the 3rd Annual Micro, Small & Medium Sized Enterprises (MSME) African Union Forum which was sponsored by UNDP Nigeria and supported by #WCCIMA. Last week, we arrived flying proudly our Nigerian flag, exhibiting, attending sessions where the AU officially adopted a standardized definition for Micro, Small, and Medium Enterprises (MSMEs) across the continent. This decision was made by the AU Ministers of Trade and Industry at the recent Specialised Technical Committee on Trade, Tourism, Industry, and Minerals. This matters for Consistency to ensure better policy are made to support MSMEs across Africa, Data Comparability and Targeted Support. A very important session was that on funding options for African Entrepreneurs where the key highlights include: 1. Diverse funding options 2. Innovative solutions 3. Challenges and opportunities 4. Call to action These discussions and many more key meetings we had the privilege to attend are pivotal in driving inclusive trade, encouraging women participation and alignment with the African Continental Free Trade Area (AfCFTA) and #HerAfCFA. It also is crucial for job creation, innovation and economic growth across Africa. Today, it is difficult for African MSMEs to survive without support both internally in their countries and externally across Africa and internationally. Many factors which i mentioned at a meeting in the Forum includes the high production cost due to hyper inflation, forex issues, climate change, access to funding, prejudices against women entrepreneurs, high cost of exporting our products which makes us not competetive and within African countries, customs wrong interpretation of the imports laws and regulations. These problems exists and are hinderances for MSMEs growth, however, this is where the AU, AfCFTA and #HerAfCFA initiative come in and help resolve them for MSMEs sustainability. Finally, i couldn't leave Namibia without exploring some of its amazing sites and i visited Swakopmund. I especially enjoyed the boat cruise where a seal and a pelican came on-board and visited the dunes. I can't wait for next year when Nigeria hosts the next AU Forum and i hope more MSMEs are ready to take advantage of the opportunities available in African and especially with AfCFTA and #HerAfCFA.

Exciting developments unfolded on July 16, 2024, as Nigeria achieved a pivotal milestone with the launch of its inaugural shipment under the AfCFTA's Guided Trade Initiative (GTI). This initiative is poised to significantly enhance intra-African trade and foster economic growth across the continent, marking a significant step towards a unified African market. The AfCFTA, signed by 44 African Union member states in Kigali in 2018 and ratified by 46 countries as of January 2024, aims to create a unified market for goods, services, and investment, benefiting 1.3 billion people with a combined GDP of US$3.4 trillion. For Nigeria, participation promises expanded market access, enhanced competitiveness for local businesses, and the potential to alleviate poverty through increased trade opportunities. However, challenges such as establishing effective Rules of Origin (ROO) and addressing foreign competition need addressing to fully maximize AfCFTA's benefits. Explore more about Nigeria's role in AfCFTA and its impact on regional economic dynamics at www.harboursim.com. #nigeria #economicgrowth #tradeinitiative #regionalintegration #harboursimlp #afcfta #intrafricantrade #economicintegration #tradeinitiative #nigeriatrade #regionaleconomy #globaltrade #economicgrowth #africadevelopment #businessopportunities https://lnkd.in/gvu8Xavn

⚖️ I want to bring to your attention the imminent expiration of the African Growth and Opportunity Act (AGOA) in just over a year. The Act has been a cornerstone of US-Africa trade relations, offering tangible benefits to multiple African countries. Both sides of the aisle recognize the necessity of AGOA, but the terms of extension are subject to debate - particularly the concept of graduation. Rep. Terri Sewell, having visited several African nations, advocates for AGOA reform, stressing the need for stronger environmental and labor standard enforcement. Without such changes, countries on the precipice of the 'middle-income' category could find themselves excluded from the AGOA benefits - a fate Turkey faced due to surges in median income (under the GSP). Director of CSIS' Project on Prosperity and Development, Daniel Runde, believes AGOA graduation should only follow Free Trade Agreement (FTA) negotiations. But achieving market access for reciprocal exports remains a challenge, as evidenced by the Kenyan example. In an encouraging move, Subcommittee Chairman Adrian Smith has expressed his desire to integrate the GSP and Haitian preference programs with the AGOA renewal. Notably, the significant impact of AGOA on individual livelihoods and national economies has been underscored by several testimonies. Witness Skip Richmond highlighted how AGOA’s support for regions such as Ghana has facilitated training and employment, leading to improved living standards for many. Also on the agenda was the potential re-inclusion of Ethiopia into the AGOA framework. The consensus we glean from these discussions is one of reform, but not discontinuation. The AGOA has proven instrumental in economic development and growth, transforming lives in the process. I welcome your thoughts and opinions on this matter. What should AGOA reform entail? Is renewal without reform an option? #tradelaw #compliance #AGOA

This week I have been thinking about the World Economic Forum and Africa's impact at such events. I was also thinking about the AfCFTA and what opportunities the highly lauded initiative launched in 2012 is bringing to the table. Fifi Peters described Africa as the giant that is still on snooze. An accurate description given the continent's inability to launch for the past few years despite the launch of many initiatives promising better partnerships between the private and public sector. Another such initiative was launched, the Private Sector Action Plan - described as a first-of-its-kind initiative between WEF and the African Continental Free Trade Area (AfCFTA) Secretariat. Then there was also Timbuktoo, a start-up fund with an initial USD1 billion target to leverage Africa's youth. I'm personally hoping to see more results from the numerous initiatives being launched to spur the continent's economy and finally get it to compete meaningfully on the globe. As an example, AfCFTA is supposed to bring all African countries to a common market by eliminating customs duties and taxes on goods, and allow the free movement of trade between member countries thus building a free market economy. WEF has noted that Africa is the community with the lowest contribution to world trade, contributing only 2%. How do small and medium sized businesses meaningfully participate in the initiatives I mentioned and others within AfCFTA? I'd love to know. #afcfta #afcftasecretariat #afcftatrading #wef #africa #trade #economy

How do small and medium-sized businesses meaningfully participate in these initiatives?

Today marks a milestone in African trade history! On this day in 2019, the African Continental Free Trade Area (AfCFTA) entered into force, heralding a new era of economic integration and opportunity across the continent. Let's celebrate the vision of unity and prosperity that continues to drive us forward! Since the AfCFTA entered into force in 2019, Africa has made significant strides towards economic integration, with 38 countries ratifying the agreement to date. ✅ The AfCFTA aims to create the world's largest free trade area, covering a market of over 1.2 billion people with a combined GDP of more than $3 trillion. ✅ By eliminating tariffs on 90% of goods traded between African countries, the AfCFTA seeks to boost intra-African trade, which currently stands at around 15-18%. ✅ The agreement is expected to increase Africa's intra-continental trade by over 50% within five years, fostering industrial development, job creation, and economic growth. ✅ Through initiatives like the AfCFTA, Africa is positioning itself as a key player in global trade, attracting investment and driving sustainable development across the continent. As we commemorate this milestone, let's reaffirm our commitment to harnessing the full potential of the AfCFTA to build a more prosperous and interconnected Africa. Together, let's seize the opportunities it offers to drive inclusive growth, empower businesses, and transform the continent's economic landscape for generations to come. #AfCFTA #EconomicIntegration #Tradeseamlessly #Realsources

𝙍𝙬𝙖𝙣𝙙𝙖 𝙩𝙤 𝙃𝙤𝙨𝙩 𝘼𝙛𝘾𝙁𝙏𝘼 𝘽𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙁𝙤𝙧𝙪𝙢, 𝙁𝙤𝙨𝙩𝙚𝙧𝙞𝙣𝙜 𝙄𝙣𝙩𝙧𝙖-𝘼𝙛𝙧𝙞𝙘𝙖𝙣 𝙏𝙧𝙖𝙙𝙚 𝙖𝙣𝙙 𝙀𝙣𝙩𝙧𝙚𝙥𝙧𝙚𝙣𝙚𝙪𝙧𝙨𝙝𝙞𝙥. Rwanda is set to host the second edition of the African Continental Free Trade Area (AfCFTA) Business Forum, dubbed 'Biashara Afrika', from October 9-11, 2024. The forum will bring together global leaders, businesses, and policymakers to explore the future of intra-Africa trade under the AfCFTA. The event aims to foster collaboration and innovation among entrepreneurs, driving economic growth and addressing pressing challenges in a rapidly evolving marketplace. Despite the potential of the AfCFTA to harness Africa's market of 1.3 billion people and a combined GDP of $3.4 trillion, intra-Africa trade has remained low at around 15 percent of total African trade. The forum will discuss structural and policy challenges that need to be addressed to increase the production of value-added goods and services, as well as how to unlock investment opportunities for key infrastructure and supply chain corridors. It will also showcase the second AfCFTA Guided Trade Initiative (GTI), which has been beneficial to Rwandan businesses by enabling them to access new regional markets and expand their export opportunities. The forum will focus on a number of priority sectors, including agribusiness, pharmaceuticals, automotive, transport and logistics, and digital technologies. It is expected to draw between 1,000 and 1,500 participants. Additionally, the AfCFTA Adjustment Fund, headquartered in Rwanda and worth $10 billion, will be on the agenda. The fund is meant to support AfCFTA state parties in adjusting smoothly to the newly liberalized and integrated trading environment established under the AfCFTA Agreement by mitigating potential adverse impacts of AfCFTA-induced tariff revenue losses. #AfCFTA #BiasharaAfrika2024 #IntraAfricanTrade #AfricanEntrepreneurship #EconomicGrowth #RwandaTradeAndIndustry #GuidedTradeInitiative #AfCFTAAdjustmentFund

The #US State Department is pushing for a stronger embrace of the African Growth and Opportunity Act (AGOA), aiming to boost participation from least developed countries. With #AGOA up for renewal in 2025, there's a significant opportunity to expand its benefits and empower more #African nations. 🔹 AGOA offers tariff-free access to the US market, but many are still “barely using” it. 🔹 The 21st AGOA Forum highlighted the need for better utilization and support. 🔹 President Biden and US Congress are committed to renewing and modernizing AGOA. The potential for growth is immense, with #AGOA already playing a pivotal role in Africa’s economic development. It's time for increased engagement and collaboration to unlock its full potential! 📊 Learn more about AGOA's impact and future:

As the African Growth and Opportunity Act (#AGOA) nears its 2025 renewal, the US State Department highlights a pressing need: less developed countries are not fully tapping into AGOA's benefits. #AGOA offers African exporters tariff-free access to the #US market, but many smaller nations are still underutilising this golden opportunity. The upcoming renewal could reshape how African countries engage with this powerful tool. President Biden and the US State Department are pushing for AGOA's modernisation and greater inclusivity. The goal? To boost its use among the least developed nations and drive economic growth, job creation, and investment across Africa. Read more about the call to action, the potential impact, and how this renewal could transform Africa’s economic landscape. #AGOA #AfricaUSPartnership #EconomicGrowth #TradeOpportunities #AGOA2025

Can Africa's Free Trade Area Unlock Its Economic Potential? As someone who recently researched and wrote my dissertation on the African Continental Free Trade Area (AfCFTA) Secretariat, I'm excited about its potential to transform Africa's economy. Imagine a single market across Africa, with 1.3 billion people and a combined GDP of over $2.7 trillion. This is the vision behind the AfCFTA, the world's largest free trade agreement by member states. While still in its early stages, the AfCFTA has the potential to be a game-changer for Africa's economy. Here's how: Boosting Intra-African Trade: Currently, African nations trade more with countries outside the continent than with each other. The AfCFTA aims to change this by eliminating tariffs and other trade barriers, making it easier and cheaper for African businesses to trade with each other. Economic Diversification: Many African economies rely on a handful of commodities. The AfCFTA can encourage countries to diversify their economies by creating a larger market for manufactured goods and services. Attracting Foreign Direct Investment: A unified African market is more attractive to foreign investors. The AfCFTA could lead to increased investment in key sectors like infrastructure, technology, and renewable energy. Challenges Remain: Uneven Development: Some countries might struggle to compete with more developed economies within the AfCFTA. Infrastructure Gaps: Poor transport and communication networks can hinder the flow of goods and services. Policy Harmonization: Aligning regulations across different countries can be a complex process. The AfCFTA's success depends on addressing these challenges and fostering a spirit of cooperation among member states. #AfCFTA #IntraAfricanTrade #EconomicDevelopment #AfricaRising What are your thoughts on the AfCFTA's potential impact? Share your insights in the comments!