• Friday, March 01, 2024
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Senate urges CBN to create enabling policies for Nigeria’s membership of AfCFTA


The Senate on Thursday urged the Central Bank of Nigeria (CBN) to create an enabling monetary policy environment for Nigerians to take advantage of the recently signed African Continental Free Trade Area (AfCFTA) agreement.

It also called on the Federal Government to develop and put in place a robust AfCFTA implementation plan of action and develop a national industrial policy and infrastructural development master plan.

These were part of the resolutions of the Senate after considering a motion by Barau Jibrin on Nigeria’s membership of AfCFTA.

The upper legislative chamber also called on the government to create more economic zones to reduce the cost of production in the country and pay extra attention to the existing industrial hubs by creating necessary infrastructure within the areas to encourage investors.

The motion, co-sponsored by 44 other senators, also urged the Federal Government to enlighten the Nigerian business community to leverage on the immense benefits of the agreement.

Nigeria joined the AfCFTA after President Muhammadu signed the agreement at the 12th Extraordinary Summit of the African Union in Niamey, Niger Republic.

Also, the Senate urged the Federal Government to continue its policy of improving on infrastructure such as electricity, roads and other basic necessities.

It noted that the provision of infrastructure would reduce the cost of production while raising the competitiveness of local producers.

The upper chamber equally asked the Federal Government to be the main driving force for the success of Nigeria’s membership.

Specifically, it asked government to ensure that policies and programmes are a large part of the nation’s system for the vision and mission of the agreement.

In his remarks after the resolutions, the President of the Senate, Ahmad Lawan, said: “This particular agreement is going to spur us into ensuring that we take the appropriation of 2020 more seriously and we have to be more focused.

“Those areas that were challenged must be addressed for businesses to get the conducive environment of employment opportunities, wealth creation and so many other things that will be to the benefit of our people,” he said.

“I believe that we can do this together with the executive arm of government,” the Senate president said.