Nigeria backs AfCFTA with Customs PACT to streamline cross-border trade
Nigeria is taking steps to improve regional trade under the African Continental Free Trade Area (AfCFTA). President Bola Ahmed Tinubu has endorsed the Customs PACT, a move aimed at boosting integration and simplifying cross-border commerce. The initiative comes as Afreximbank pushes for a unified transit guarantee system across Africa.
Currently, West Africa's road transit system faces major inefficiencies. Without a regional guarantee, goods often require costly physical escorts, slowing trade and raising expenses. Afreximbank has already rolled out a solution in other regions, including COMESA and the East African Community (EAC), where a $300-million facility now supports smoother transit.
The push for a regional transit guarantee comes as Nigeria strengthens its trade policies. With Afreximbank's support and the Customs PACT endorsement, the country is positioned to reduce trade barriers and lower costs. If successful, the scheme could transform cross-border commerce in West Africa and beyond.
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