The African Continental Free Trade Agreement (AfCFTA) would re-assert Nigeria’s position as Africa’s largest economy,while expanding trade opportunities for Nigerian business and investors seeking to form a match-making venture with Nigerian businesses in the continent with a potential market of 1.2 billion people.
Chiedu Osakwe the director general for Nigerian office for trade negotiation in a most recent interview granted BusinessDay on the Afcta informed that Nigeria’s position as Africa’s largest economy puts it at a strategic pole to use the instrumentality of trade in harvesting growing intra-African trade.
He confirmed to BusinessDay that many business interest groups are already discussing with Nigerian authorities in order to make investment commitment which would see them site their industries and form a match-making business investments with key Nigerian industries.
Recall,President Muhammadu Buhari had in Niamey,Niger Republic signed the African Continental Free Trade Area, AfCFTA,agreement,making Nigeria the 53rd state on the continent to append it’s signature to the document.
President Buhari had earlier delayed the signing signing at the recent extra ordinary summit of the African Union raising concerns of possible harm to the local industries and further constituting wider stake holders consultations.
The delay it would be noted was to give room for extensive consultations with stakeholders, culminating in the submission of the report by the Presidential committee to assess impact and readiness of Nigeria to join the free trade area.
The Committee had recommended that Nigeria should sign the agreement which aims to boost intra-African trade.
Buhari had at the signing noted that,”Our vision for intra-African trade is for the free movement of made in Africa goods.That is goods and services made locally with dominant African continent in terms of raw materials and value addition”
Notably,the AfCFTA is aimed at integrating the whole continent into the 2 billion population market. This will expand our competitiveness.
The African Union’s Heads of State and Governments had resolved to establish AfCFTA to create a single continental market for goods and services in member nations.
The agreement also covers trade in goods, services, investment, and rules and procedures on dispute settlement, including a range of provisions to facilitate trade, reduce transaction costs, provide exceptions, flexibilities and safeguards for vulnerable groups and countries in challenging circumstances.
HARRISON EDEH,ABUJA
