Nigeria Launches AfCFTA Air Corridor to Boost Trade Efficiency
Nigeria has taken a significant step towards enhancing trade with its African counterparts by establishing an AfCFTA air corridor to Kenya, Uganda, and South Africa. This strategic move is expected to reduce export logistics costs by up to 75%, providing a much-needed boost to local businesses.
The announcement was made by Trade Minister Dr. Jumoke Oduwole, who highlighted the importance of the new corridor, which will be operated by Uganda Airlines. The primary objective of the corridor is to streamline trade in key sectors such as textiles, cosmetics, and agricultural products by eliminating transport bottlenecks.
This development comes at a crucial time as Nigeria has recently gazetted AfCFTA tariffs, paving the way for lower rates for local exporters and increased market access. The phased implementation of major tariff cuts demonstrates Nigeria’s commitment to positioning its exporters for greater competitiveness within the African market.
In addition to tariff reductions, Nigeria is also focusing on digital trade and providing support for small and medium-sized enterprises (SMEs). These initiatives, coupled with the launch of the AfCFTA air corridor, underscore Nigeria’s dedication to leading intra-African trade under the AfCFTA framework.
With these progressive steps, Nigeria is poised to strengthen its trade relations with other African countries and capitalize on the opportunities presented by the AfCFTA agreement.
Source: Nairametrics
