Create valuable products and make money experts tell Nigerians to tap into AFCFTAPAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Nigerians have been encouraged to seize the opportunities presented by the Africa Continental Free Trade Agreement (AfCFTA) by developing value-added goods. The expert who spoke at Africa Business Convention 2022 organized by BusinessDay stressed that Nigerian entrepreneurs should look beyond the challenges and look for way to tap into the opportunities. AFCFTA s a free trade area founded in 2018, with trade commencing as of 1 January 2021 but slow documentation and ratification by states has resulted to a marginal progress. Recommended for you “Hand dey scratch baba”: Davido mistakenly posts video of him getting massa... Speaking as a panelist, Kunle Elebute, chairman, KPMG Africa stressed that African countries have not fully adopted value addition practices which is detrimental to their trade activities seeing that most countries in the continent are largely based on commodities. PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app He said: Elebute also mentioned that the continent lacks the necessary logistics infrastructure to facilitate trade which is a major determinant of successful trade activity. Other challenges identified include currency mismatch, and poor base of trade exchange. Elebute added: Recommended for you CBN stops bank agents from using PoS terminals for transactions, along with... PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments. Meanwhile, Legit.ng had earlier reported that minister of state petroleum, Chief Timipre Sylva, said the country accidentally discovered 1 billion barrel of crude oil in the Northeast. According to him, a lot of oil is yet to be found in Nigeria and there was a need for more exploration in the country as more oil would be discovered. He also noted that when the Port Harcourt refinery is completed, President Muhammadu Buhari government would have achieved a lot. Source: Legit.ng Economic expert have said Nigerians must be prepare to take advantage of tAfrica Continental Free Trade Agreement(AFCFTA) AFCFTA seeks to promote more intra-trades among African countries by reducing the tariffs on exports Expert has identified areas stagnating the opportunities AFCFTA holds and why Nigerians must create valuable to products to take advantage PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Install our latest app for Android, read best news on Nigeria’s #1 news app “AfCFTA is a great initiative but what can we describe as the underlining economic activity that can be exchanged under trade, Africa is simply the domain for the global economy to take out commodities and process.” "Issues around currency mismatch in the African continent cost it $5 billion annually which the recently launched Pan-African Payments and Settlement System (PAPSS) is expected to effectively address."