The Nigeria Office of Trade Negotiations (NOTN) has engaged key stakeholders and private sector operators to reach a common stand on the nation’s Specific Commitments for Trade in Services under the African Continental Free Trade Area (AfCFTA) agreement.
Speaking at the stakeholders meeting in Abuja on Monday, acting Director-General of NOTN, Victor Liman, said the move became necessary to get relevant input from industry players on the liberalisation of services sectors in accordance with the tenet of the continental trade pact.
Liman, who listed the priority service sectors for liberalisation as financial, communications, transport, tourism and professional business service sectors, said decision reached in the meeting be processed as Nigeria’s position on Specific Commitments for Trade in Services and forwarded for harmonisation into a single schedule by the Economic Community of West African States (ECOWAS).
He said: “We are currently negotiating the schedule of Specific Commitments for Trade In Services, and what that means is that we have to present the final outcome of this consultation at the ECOWAS which will then be harmonised by other member states schedules.
“From that harmonisation, we will then produce one single undifferentiated schedule of specific commitment for trade in services which will then be sent to AfCFTA secretariat for further negotiation and harmonisation.
“At this first stage, we have decided to liberalise the five key sectors; professional business services, financial services, transport services, tourism services and communication services. What you saw today is professional business services engagement, particularly with the private sector.”
While saying that Nigeria stands to gain a lot by rectifying the AfCFTA, Liman said the country only needs to improve on infrastructures and up the available skills in order to prepare for the competition.
“I believe if we liberalise further and take advantage of AfCFTA agreement we will be able to derive the benefit there-from job creation, GDP growth, productivity and growth of the manufacturing sector, among others.
“In terms of AfCFTA implementation, a lot of things still remain to be done in terms of infrastructure, readiness to allow good and service to flow in without tariffs, competitiveness. However, that does not constitute any form impediment on the need for Nigeria to rectify it.”
Secretary-General of Abuja’s MoU on Port State Control for West/Central Africa, Mfon Ekong Usoro, who moderated the brainstorming session of the meeting, commended NOTN for aggregating the inputs of all relevant stakeholders in the trade in services negotiation.
“We are very pleased with NOTN in the approach they have taken and the industry players are really appreciated,” she said.
Representatives of various professional groups and government agencies including; Nigerian Medical and Dental Council, Central Bank of Nigeria, Nigeria Labour Congress, Institute of Chartered Accountants of Nigeria, Nigerian Bar Association, Budget Office, among several others attended the meeting.
Recall that AfCFTA came into force in May 2019, and member states have fixed July 2020 for the full operationalisation of the pact.
