From Andrew Iro Okungbowa, Abuja
Vice President Yemi Osinbajo has disclosed that Nigeria stands to benefit a lot from the African Continental Free Trade Act (AFCFTA) in the twin areas of tourism and transportation but certain things would need to be put in place for this to happen. This is even as he said that Nigeria being a signatory to the act is commendable and welcomed development for the country.
Osinabjo made this known Monday in Abuja while declaring opening this year’s edition of the National Tourism Transportation Summit and Expo, with the theme: ‘Tourism Transportation Connectivity and Partnerships: Leveraging the African Continental Free Trade Act (AFCFTA) regime for economic sustainability’.
According to the Vice President, who was the Special Guest of Honour, and represented by the Director General of the Nigerian Tourism Development Corporation (NTDC), Folorunsho Coker, Nigeria needs to upgrade its laws and regulations, saying that they need to be upgraded to reflect the realities on the ground otherwise Nigeria would be caught on the back foot while others reap the huge benefits that AFCFTA offers.
Osinbajo also called for focus on human capital development and adoption of new technology as well as training and acquisition of the proper equipment needed for the realisation of the act while funding, he said is another major pre-requisite.
‘‘This will require some funding and it has to been timely and properly utilise for us not to be left behind,” he said while also addressing the issue of sustainability, which he said is something of importance.
He, therefore charged the participants at the summit to note that the growth of Africa as envisaged by AFCFTA) is based on Pan-Africanism which creates room for African countries to take advantage of their comparative advantage in advancing the economic growth of the continent.
The Tourism Transportation Summit and Expo, which is in its fourth year, is organised annually by the Institute of Tourism Professionals of Nigeria with collaboration from the Federal Ministries of Aviation and Transportation. The two-day event is being attended by stakeholders in tourism and transportation as well as allied businesses in both private and public sectors.
