RESEARCH TO IDENTIFY KEY TRADE-IN-SERVICES OPPORTUNITIES UNDER AfCFTA

Assignment Name: RESEARCH TO IDENTIFY KEY TRADE-IN-SERVICES OPPORTUNITIES UNDER AfCFTA

Country: Nigeria

Location within the Country: 6 states

Name of Client: 

Start Date (Month/Year): September 2023

Completion Date (Month/Year): November 2023

Description: To support the Government of Nigeria (GoN) and the private sector identify key trade-in-services opportunities under the African Continental Free Trade Area (AfCFTA) Agreement, the United Nations Development Programme (UNDP), the European Union Delegation in Nigeria is jointly funding the research project. The National AfCFTA Coordination (NAC) office is the lead GoN agency for this project.  The Africa International Trade & Commerce Research (AITCR), an international trade consultancy firm for the African market, has been commissioned to conduct a study that will comprehensively analyze the probable impacts of the AfCFTA on Nigeria’s economy, business patterns and service sectors. This includes identifying ways in which Nigeria can leverage the AfCFTA to benefit its domestic market, businesses, women and the youth population while also proposing recommendations from the study that will address potential challenges and risks.

The AfCFTA presents a unique opportunity for Nigeria to focus on expanding its services sectors, particularly financial services, business services, entertainment, transport, and travel, where Nigeria has significant comparative advantages. The five sectors to be liberalized by AfCFTA account for 89% of Nigeria’s services exports and 92% of imports, with travel and other business services contributing the most.

AITCR research team are expected to gather reliable data that will support policy formulation and reforms, identify and examine potential market opportunities for Nigeria and women and her youthful population, study how Nigeria’s markets can be structured and financed to maximize domestic resources, explore the opportunity presented by market liberalization for trade in services, and propose strategies for effective implementation of the AfCFTA in Nigeria.