Emmanuel Oduara
Nigerian Local Content AfCFTA Energy Summit with the Theme: 'AfCFTA As A Catalyst for Africa's Energy Economic Growth' organized by the Nigerian Content Development & Monitoring Board (NCDMB) in collaboration with the African Continental Free Trade Area Secretariat (AfCFTA) and Office of The Legal Concierge on the sidelines of PETAN's 8th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), which commences today in Lagos.
Countries expected are Nigeria, Libya, Sierra Leone, Botswana, Algeria, Burkina Faso, Angola, Benin Republic, Mali, Mairitania, Liberia, Lesotho, Kenya, Eritrea, Somalia, South Africa, Cape Verde, Namibia, Burundi, Cameroon, Madagascar, Malawi, Seychelles, Mauritius, Sao Tome & Principe, Morocco, Uganda, Zimbabwe, Niger, South Sudan, Ethiopia, Gambia, Guinea Bissau, Ghana, Gabon, Tanzania, Senegal, Central African Republic.
Others are Ndjibouti, Ivory Coast, Chad, Egypt, Congo, Equatorial Guinea, Tunisia, Guinea, Zambia, Somaliland, Togo, Rwanda, Mozambique and Swaziland.
The Summit will feature
Goodwill Messages,
Opening Keynote,
Technical Presentations and
three Panel Sessions; the first being at 14.15 P.M featuring PETAN's Vice Chairman, Mr. Ranti Omole as a panelist to discuss the Implementation Strategy of the African Continent Free Trade Agreement.
The Nigerian AfCFTA Energy Summit provides a capacity building platform for entrepreneurs in Nigeria to be at par with international business and trade standards. It serves as an educational platform where entrepreneurs across all sectors in Nigeria can leverage ideas, opportunities, partnerships, as well as networking exercises to ensure business sustainability and growth.
The focus of the African Continental Free Trade Area Energy Summit is to educate stakeholders within the oil and gas sector about the opportunities presented by the Nigerian AfCFTA Implementation Strategy.
The Summit will enlighten the public about the Nigeria AfCFTA Implementation Strategy which acts as a blueprint for Nigeria and Nigerians, particularly entrepreneurs, to tap into the opportunities provided by the AfCFTA Agreement and its various Protocols through its effective implementation.
The summit will also provide a detailed knowledge of best business practices in the areas of production, marketing, compliance, exportation, and partnerships while providing participants with the essential skill and requirement to receive funding, and evaluate business decision.
Background:
Following the adoption of the agreement establishing the African Continental Free Trade Area (AfCFTA) by the Heads of State within the African Union which signifies a momentous stride in tackling the persistent barriers that have obstructed intra-African trade for numerous decades,
the AfCFTA is poised to propel industrial growth by leveraging the advantages stemming from economies of scale, specialization, and the advancement of regional supply chains and value networks.
Forecasts indicate that through the removal of tariffs on 90% of tariff lines coupled with the eradication of non-tariff barriers particularly at borders, and the implementation of specific rules defining the origin of products, the AfCFTA has the potential to unleash roughly $450 billion in income gains for the continent.
Out of this total, approximately $292 billion is expected to stem from the simplification of border processes, facilitating smooth trade, and enabling the fluid movement of people across Africa.
By engaging a diverse audience of stakeholders, funders, investors, and private sector representatives spanning the entire spectrum of oil, gas, LNG, renewables, power, and energy, the summit will deliver a comprehensive strategy that outlines a meticulous roadmap for Nigerian energy participants to harness the opportunities provided by the AfCFTA Agreement and its diverse Protocols.
Being the biggest economy and the most populous nation in Africa, Nigeria has a unique and critical role to play towards the realization of the African Union Agenda 2063 - The Africa We Want - an integrated, prosperous and peaceful Africa driven by its own citizens, representing a dynamic force in the international arena.
With the need for enhanced & effective collaboration in business, trade, and investment, the AfCFTA opens significant opportunities for Africa, with Nigeria being in pole position to reap the benefits.
Successive Nigerian governments through our local content development and backward integration initiatives and with the full commitment of the private sector with PETAN at the lead, have consistently grown our productive capacities especially in services, food production and industry.
With the African Continental Free Trade Area, Nigeria has an opportunity to scale up her productive capacity to serve the African market which imports circa $1 trillion of goods and services annually compared to Nigeria's total annual trade of circa $100bn. This is even more exciting as Nigeria will be trading at preferential terms and focused on products and services made-in Africa, for Africa.
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