Reps move to domesticate AfCFTA, advance 13 commerce bills to boost trade, digital economy

Nigeria's House of Representatives has initiated legislative action to bolster the nation's commercial and trade framework by holding a public hearing on 13 commerce-related bills. Central to this effort is the African Continental Free Trade Area (AfCFTA) Domestication Bill, designed to position Nigeria to fully capitalize on the opportunities presented by Africa's single market.

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The purpose of today’s hearing is to subject these Bills to rigorous public scrutiny, receive constructive input from stakeholders, identify areas that require refinement, and ensure that the legislation we eventually enact promotes enterprise, protects legitimate business interests, encourages fair competition and advances sustainable economic growth.

The public hearing, organized by the House Committee on Commerce, convened key stakeholders including government officials, regulatory agencies, private sector representatives, professional bodies, development partners, and civil society groups. Speaker of the House, Rep. Abbas Tajudeen, stated that the proposed legislation is integral to the 10th House's economic reform agenda. This agenda focuses on improving the ease of doing business, removing regulatory obstacles, attracting investment, and fostering sustainable economic growth.

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Since our inauguration, we have remained committed to enacting laws that improve the ease of doing business, support entrepreneurship, remove unnecessary regulatory barriers, attract investment and create opportunities for our people.

Abbas emphasized the importance of rigorous public scrutiny for these bills, ensuring they align with current realities and global best practices. He highlighted that the exercise supports the Legislative Agenda of the 10th House, which prioritizes economic growth, institutional reforms, good governance, and private sector development. The initiative also provides the necessary legal framework to drive economic reforms under President Bola Tinubu's Renewed Hope Agenda.

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As the People’s House, we shall continue to provide the legislative framework and oversight necessary to translate that vision into measurable progress for businesses, investors and ordinary Nigerians.

Dr. Jumoke Oduwole, Nigeria's Minister of Industry, Trade and Investment, urged lawmakers to expedite the passage of the AfCFTA Domestication Bill. She described it as crucial for Nigeria's competitiveness in continental trade. Oduwole noted that the AfCFTA, encompassing over 1.4 billion people and a combined GDP exceeding $3 trillion, offers significant opportunities for Nigerian businesses to expand into new markets, attract investment, create jobs, and strengthen regional value chains. Nigeria has been making substantial progress since ratifying the agreement in 2020.

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the African Continental Free Trade Area... offers enormous opportunities for Nigerian businesses to expand into new markets, attract investment, create jobs and strengthen regional value chains.