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AfCFTA seals $3.1bn customs modernisation deal to strengthen African trade
['Obinna Ezugwu']
Business Hallmark
The Secretariat of the African Continental Free Trade Area (AfCFTA) has signed a 20-year concession agreement valued at $3.1 billion with Bergmans Security Consultants and Supplies Limited to modernise customs administration across Africa and accelerate intra-African trade.
Mene said the initiative was inspired by the success of customs modernisation reforms implemented by the Nigeria Customs Service using Bergmans’ digital solutions.
It has become a model for customs modernisation across Africa, and we are committed to delivering a world-class customs ecosystem that supports the continent’s economic integration,” Ahmadu said.
The AfCFTA, which began trading in January 2021, is the world’s largest free trade area by the number of participating countries, bringing together 54 African nations under a single market.
Although the free trade agreement has boosted commercial activities in recent years, inefficient customs procedures, fragmented border systems and lengthy cargo clearance processes have continued to constrain trade.