The Minister of Industry, Trade and Investment, Niyi Adebayo, has emphasised the need to sensitise medium, small and micro enterprises in the country on the benefits of then Africa Continental Free Trade Area, stressing that widespread implementation of the agreement could drive Africa’s aggregate gross domestic product to $3.4tn.
Adebayo made this remark at the at the Roundtable Dialogue on AfCFTA Agreement organised by the Nigeria’s Employers Consultative Association in Abuja on Tuesday were he received a report on the effects of AfCFTA on MSMEs.
This was contained in a statement by the minister’s Special Adviser, Media, Ifeadayo Sayo, issued on Tuesday in Abuja.
It read, “As the country brace up for the implementation of the Africa Continental Free Trade Area, Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has called for the sensitisation of the Medium, Small and Medium Enterprises to enable them benefit from the continental market.
In his opening remark at the Roundtable Dialogue on AfCFTA Agreement organised by the Nigeria’s Employers Consultative Association in Abuja on Tuesday, the Minister welcomed the report titled “Continental Integration and the Nigerian Economy”, which focus was the effect of AfCFTA on MSMEs in the country.
He noted that the report was to fill the knowledge gap on the possible effects of AfCFTA on the economy.
The report was based on the surveys conducted for 1,800 MSMEs in five states, covering multiple sociocultural zones, to evaluate the awareness and preparedness of MSMEs.
At the event, Vice President Yemi Osinbajo said the nation would take strategic advantage of the AfCFTA.
He noted that Nigeria could only fully benefit from the opportunity ‘if we are adequately prepared for the impending changes that will affect our business environment’.
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