Manufacturers bet on AfCFTA to expand market reach

Manufacturing

Nigeria manufacturers are banking on the African Continental Free Trade Area (AfCFTA) to expand their market reach and raise capacity.

They told Real Sector Watch over the weekend that they are ready and are eagerly awaiting the AfCFTA to capture the African market.

“Our group presence in the export trade zone, especially in the oil and vegetable oil, is an indication that we are ready,” Osaro Omogiade, managing director of Nosak Distilleries, which manufacturers food-grade ethanol, said.

“We have commenced export of food-grade ethanol to the neighbouring West African countries, particularly Ghana. It is an expression of our readiness. We believe in living global because of the associated advantages. If you do export, you will hedge against the foreign exchange problems,” he said.

He said the firm now focuses on countries such as Togo, Benin Republic, and Cote d’ivoire as the AfCFTA nears.

“We are also looking at Angola and Central African Republic. Those are the countries we are looking at, and we have the capacity to do that.”

Read more: Business Day https://businessday.ng/real-sector/article/manufacturers-bet-on-acfta-to-expand-market-reach/

 

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