House of Representatives Advances 13 Commerce Bills, Prioritising AfCFTA Domestication for Enhanced Trade and Digital Economy
The Nigerian House of Representatives has initiated a significant legislative push to bolster the nation’s commercial and trade landscape, holding a public hearing on 13 critical commerce-related bills. Central to this agenda is the African Continental Free Trade Area (AfCFTA) Domestication Bill, a move designed to strategically position Nigeria to capitalise on the vast opportunities presented by Africa’s burgeoning single market. This legislative action, reported by Vanguard, underscores the 10th House’s commitment to economic reform and improving the ease of doing business.
The public hearing, convened by the House Committee on Commerce, brought together a diverse array of stakeholders, including representatives from federal government agencies, the organised private sector, professional bodies, development partners, and civil society organisations. Speaker of the House, Rep. Abbas Tajudeen, highlighted that these proposed laws are integral to the 10th House’s economic reform agenda, aimed at dismantling regulatory bottlenecks, attracting investment, and fostering sustainable economic growth. He emphasised the necessity of rigorous public scrutiny to ensure the legislation aligns with contemporary realities and global best practices, stating, “The purpose of today’s hearing is to subject these Bills to rigorous public scrutiny, receive constructive input from stakeholders, identify areas that require refinement, and ensure that the legislation we eventually enact promotes enterprise, protects legitimate business interests, encourages fair competition and advances sustainable economic growth.”
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, urged lawmakers to expedite the passage of the AfCFTA Domestication Bill, deeming it crucial for Nigeria’s continental trade competitiveness. She underscored the AfCFTA’s potential, encompassing over 1.4 billion people and a GDP exceeding $3 trillion, as a gateway for Nigerian businesses to access new markets, attract investment, and strengthen regional value chains. Nigeria’s progress since ratifying the agreement in 2020, including establishing implementation structures, submitting tariff concessions, and launching digital trade initiatives, was noted. The Minister further highlighted Nigeria’s pioneering role as the first State Party to ratify the AfCFTA Digital Trade Protocol and its recent assumption of the Chairmanship of the Bureau of the AfCFTA Council of Ministers.
Dr. Oduwole stressed that effective AfCFTA implementation hinges on a robust domestic legal framework. “The Bill is not merely about implementing an international treaty. It is about positioning Nigeria to fully harness the opportunities of continental trade while safeguarding our national interests,” she stated, adding that the legislation will provide legal certainty for businesses and investors and enhance inter-governmental coordination.
Chairman of the House Committee on Commerce, Hon. Ahmed Munir, outlined that the 13 bills are strategically grouped into three categories: expanding global trade and asset protection; modernising commerce and the digital economy; and strengthening professional regulation and institutional capacity. Key proposals include the AfCFTA Implementation Bill, amendments to the Nigerian Export Promotion Council Act, and updates to NIMASA regulations, alongside revisions to the Sale of Goods Act and the Price Control Act. The committee seeks practical, data-driven recommendations from stakeholders to ensure these laws effectively drive economic expansion, investment, innovation, and job creation, thereby enhancing Nigeria’s competitiveness on both regional and global stages.
