The African Continental Free Trade Area (AfCFTA) Bill will promote transparency and predictability for investors and businesses, and strengthen Nigeria’s capacity to meet its obligations while effectively enforcing its rights under the agreement.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who made this known yesterday in Abuja, during a public hearing on AfCFTA Bill, also said that the Bill will position Nigeria to fully harness opportunities of continental trade while safeguarding national interes.t
The AfCFTA is a free trade area founded in 2018, with trade commencing on January 1, 2021. The AfCFTA Domestication Bill aims to increase job opportunities and the demand for labour, thus reducing unemployment.
Describing the AfCFTA Domestication Bill as ‘both timely and necessary’, she said the Bill is not merely about implementing an international treaty, but “about positioning Nigeria to fully harness the opportunities of continental trade while safeguarding our national interests.”
According to her, the Bill will provide the legal basis for coordinated implementation across government institutions. The Bill aligns with the President Bola Tinubu administration’s Renewed Hope Agenda of promoting economic diversification, industrial growth, export expansion, investment promotion and job creation.
The Bill, she explained, is an important step toward building a more competitive and resilient Nigerian economy.
Oduwole reaffirmed the Ministry’s commitment to working closely with the National Assembly throughout this legislative process, noting that it would provide the necessary support needed for an effective framework.
For House of Representatives Speaker Hon. Abbas Tajudeen, the public hearing exemplified the enduring commitment of the House of Reps to inclusive, transparent and participatory lawmaking.
The Speaker, who was represented by the Deputy Chief Whip, Isiaka Ibrahim, expressed belief that better legislation not only depends on the wisdom of legislators alone, but the practical experience, expertise and perspectives of the people.
He said public hearings, therefore, remain one of the most valuable instruments through which the House of Representatives deepens democracy and ensure that laws truly reflect the needs and aspirations of Nigerians.
Tajudeen described commerce as one of the strongest pillars of the national economy, pointing out that it drives investment, stimulates production, expands markets, creates jobs, encourages innovation and strengthens consumer confidence.
“As Nigeria pursues economic diversification and greater competitiveness, we must ensure that our commercial laws are responsive to emerging realities, technological advancement and international best practices.
“The purpose of today’s hearing, therefore, is to subject these Bills to rigorous public scrutiny, receive constructive inputs from stakeholders, identify areas that require refinement and ensure that the legislation promotes enterprise,” he said.
According to him, the exercise aligned closely with the legislative agenda of the 10th House, which places a premium on economic growth, institutional reform, good governance and private sector development.
He affirmed the House commitment to enacting laws that improve the ease of doing business, support entrepreneurship, remove unnecessary regulatory barriers, attract investment and create opportunities for Nigerians.
The Chairman, House Committee on Commerce, Ahmed Munir, said the goal of the 10th House of Representatives is to ensure laws actively foster economic expansion rather than obstruct it.
He, however, said the success of this legislative exercise will depend heavily on candid and expert feedback, and urged all stakeholders to offer constructive critiques and provide data-driven insights to help the House refine the bills into robust legal instruments.