The Nigeria Customs Service (NCS) has urged the country to review existing policies, identifying areas that require adjustment to align with African Continental Free Trade Agreement (AfCFTA) standards.

Adewale Adeniyi, comptroller general (CG) of customs, made this known during the lecture series organised by the Nigerian Institute of International Affairs (NIIA), on Thursday, in Lagos, according to NAN.

Adeniyi said the expansive marketplace created by AfCFTA can serve as a catalyst for increased trade, attracting diverse businesses and stimulating economic growth.

According to the customs boss, Nigeria, with its rich array of sectors from agriculture to technology, has the potential to capitalise on the opportunity by strategically positioning itself within the continental trade framework.

The CG said the country should focus on targeted sector-specific initiatives, invest in infrastructure to facilitate seamless trade, and actively engage in cross-border collaborations to solidify its position as a key player in the African trade landscape.

Adeniyi said this could be worked on by establishing task forces or committees dedicated to each key sector to identify opportunities, address challenges, and formulate tailored plans for growth within the AfCFTA framework.

Adeniyi said the success of AfCFTA hinged on the crucial factor of policy alignment, necessitating Nigeria’s commitment to crafting policies that synergise with continental objectives.

“This policy harmony must extend to infrastructure development, balancing the trade facilitation mandate of the NCS with revenue generation expectations,” he said.

“In navigating this balancing act, the NCS must engage Africans at the heart of its operations, fostering a collaborative dialogue through transparent communication channels.

“The crescendo towards economic brilliance requires prioritising infrastructure development, continuous policy adaptation, and stakeholder engagement.

“As we delve into the intricacies of Nigeria’s economic growth, development, and the dance of trade, remember that behind every policy and every customs checkpoint, there’s a story.”

Adeniyi said while the delay in ratifying AfCFTA may be considered a setback, it provides Nigeria with a crucial moment for strategic recalibration.

This, he said involves meticulous planning and implementation of measures that align with AfCFTA objectives.

“Nigeria should view this delay as an opportunity to strengthen its readiness, focusing on resolving challenges, streamlining regulatory processes, and enhancing the ease of doing business,” the CG said.

“To kickstart this recalibration, it is recommended that Nigeria conducts a comprehensive review of existing policies, identifying areas that require adjustment to align with AfCFTA standards.”

Adeniyi said the success of AfCFTA intricately depends on the alignment of Nigeria’s fiscal policies with its foreign policies.

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According to Adeniyi, the expansive marketplace created by AfCFTA can serve as a catalyst for increased trade, attracting diverse businesses and stimulating economic growth.

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He said Nigeria, with her rich array of sectors from agriculture to technology, had the potential to capitalise on this opportunity by strategically positioning herself within the continental trade framework.

The CG said that Nigeria should focus on targeted sector-specific initiatives, invest in infrastructure to facilitate seamless trade, and actively engage in cross-border collaborations to solidify its position as a key player in the African trade landscape.