By Patricia Amogu

The Organisation of Youths in International Trade and Commerce (OY-ITC) has advised stakeholders to explore the opportunities presented by the Guided Trade Initiative (GTI), initiative aims to unlock the full potential of intra-African trade, especially between Nigeria and  Cameroon.

OY-ITC’s advice is contained in a communique it issued at the end of the
Nigeria- Cameroun trade conference and awards it organised at the Greek Embassy in Douala, Cameroon.

The conference was aimed at providing stakeholders access to the benefits of the AfCFTA-guided trade initiatives of the Federal Government of Nigeria.

The conference was also organised in line with the Nigerian government’s commitment to leveraging the African continental free trade area and fostering economic growth through regional integration

The communiqué outlined key strategies and opportunities for accessing the benefits of AfCFTA under the GTI, with a focus on the following:

“Enhancing bilateral trade between Nigeria and Cameroon, supporting the diversification of exports and value chain integration, strengthening institutional and private sector collaboration to overcome trade barriers.”

The group stressed that its strategic priorities were to promote bilateral trade opportunities, identify and promote sectors with high trade potential, such as agriculture, manufacturing, energy, and services, as well as encourage businesses to take advantage of AfCFTA provisions, including tariff reductions and simplified customs procedures to export goods to Cameroon and other African markets.

The communique also identified
facilitating workshops and capacity-building programmes for Nigerian exporters so that they can understand Cameroon’s market demands, regulatory requirements, and trade facilitation processes, and strengthening dialogue platforms between the private sectors of both countries to identify challenges and propose solutions for seamless trade, as some of the strategic priorities to be addressed to promote bilateral trade opportunities.

Other key priorities are “streamlining trade and border operations, improving border infrastructure, and implementing technology-driven solutions to ease the movement of goods between Nigeria and Cameroon.

“Enhancing coordination among customs and regulatory authorities to ensure compliance with AfCFTA protocols.

“Investment in value chain development, encouraging joint ventures and investments in agro-processing, textiles, and other industries where Nigeria and Cameroon have comparative advantages.

“Promoting the production and export of value-added goods rather than raw materials to maximise economic benefits and providing access to financing and trade support services by collaborating with financial institutions to provide affordable financing options for businesses engaging in cross-border trade.

“Establishing trade facilitation desks to guide small and medium enterprises in navigating export processes and accessing market intelligence.”

The communique indicated that a successful implementation of the AfCFTA-Guided Trade Initiative ”offers an unparalleled opportunity to enhance bilateral trade between Nigeria and Cameroon.”

It added that by addressing barriers, building capacity, and fostering collaboration, both countries could achieve economic prosperity and contribute significantly to Africa’s trade development agenda.

“Enhancing bilateral trade between Nigeria and Cameroon requires a combination of policy, infrastructure development, and stakeholder collaboration’ the communique said in parts.

The organisation maintained that some  key steps that need to be taken to strengthen trade relations between the two countries are:

“Upgrading roads, customs posts, and logistics hubs to facilitate faster and more efficient movement of goods.

“Constructing or rehabilitating highways, railways, and ports that link key trade cities in both countries.

“Creating trade and industrial zones near borders to encourage manufacturing and value addition.”

Others are to simplify trade procedures and customs processes, reduce bureaucracy, adopt digital solutions, and strengthen political and diplomatic ties.

Some others are to tackle
insurgency for a conducive trading environment, promote private sector collaboration, encourage business forums, tackle corruption, diversify trade portfolios, and encourage trade in value-added goods: Move beyond raw materials by promoting trade in processed goods and services, as well as leverage regional and international platforms

The group called for the alignment of trade policies with the African Continental Free Trade Area (AfCFTA) and the Economic Community of West African States (ECOWAS) as well as seek technical assistance and funding from international organisations to support trade initiatives.

It also called for the conduct of workshops and awareness campaigns about trade regulations, market opportunities, and incentives and promote cross-border trade culture to highlight the benefits of bilateral trade through public and private media channels.

It explained that by implementing the aforementioned measures, Nigeria and Cameroon could create a more integrated and mutually beneficial trade ecosystem, and thus boos economic growth and development in both countries (NAN)