Mr. Francis Anatogu, the Secretary of the committee, made this known in Abuja at the technical session of the 12th meeting of the National Council on Industry, Trade and Investment.
Anatogu said the committee had set up 14 work stream along three thematic areas which included trade in goods, trade in services and trade enablement.
“The Policy Regulations and Laws Team have started the process of identifying the critical elements of the agreement which will lead to its domestication.
“Most of our laws need a bit of improving, not just because of AfCFTA but because some of the laws are passed a long time ago even before independence and have become outdated.
“At the continental level, we must make sure that the rules under AfCFTA are obeyed, this is critical,” Anatogu said.
He noted that the strategy was looking at how to double Nigeria’s export volume by 2030, and equally trying to identify sectors, services and products which could be the best supplier in Africa.
“Unless we build linkages with our neighbours, they will continue to act as transit hubs, bringing in both wanted and unwanted products,” he added.
According to him, the ambition of AfCFTA, which gives access to a Trillion dollars per annum African market, is to remove duty on 90 per cent of tradable goods while liberalising five sectors in trade and services.
The five sectors included financial services, transportation, business services, tourism and communications.
He said for Nigeria to have advantage of the huge African market with multiple value chain, it must boost its production capacity, competitiveness and quality standard.
Anatogu noted that it was against this backdrop that the NAC was established in December 2019 to guide Ministries, Departments and Agencies (MDAs) and the organised private sector on AfCFTA implementation.
“We are in the process of developing strategy needed to win and we need to be deliberate in products and services we select and focus on.
“We must be able to demonstrate success, we need to be deliberate in mobilising the private and public sector and create enabling environment,” he said.
He urged public officials to play their roles to ensure Nigeria got tax revenue from businesses.
He added that the AfCFTA secretariat would ensure that policy regulations and laws aligned with the provisions of the agreement.
“In order to reduce cost and improve ease of doing business, stakeholders need regulations and law backed policies,” he noted.
The main objectives of the AfCFTA are to create a continental market for goods and services, with free movement of people and capital, and pave the way for creating a Customs Union.
It will also grow intra-African trade through better harmonisation and coordination of trade liberalisation across the continent.
AfCFTA will come into effect in January 2021. (NAN)
