President Muhammadu Buhari chats with President Nigerian Labour Congress Comrade Ayuba Wabba, Director-General of the Nigerian Maritime Administration and Safety Agency , Dr. Dakuku Peterside and others after the Inauguration of Committee for Impact and Readiness assessment of African Continental Free Trade Area at the Council Chambers State House house Abuja.
“The ACFTA increases the opportunity for economies including Nigeria to take over from China as the world’s manufacturing hub. Also Nigeria stands a great access of enlarging Foreign Direct Investment flows by joining the ACFTA as the largest economy and the most populous in Africa. It will help them reduce other challenges majorly the ease of doing business across borders. We also expect the agreement to improve infrastructure, we also expect it to enlarge the market beyond Nigeria.
He said: “The challenge we have is in terms of Polarization between those who are industrialist and those who are in the other sectors of the economy and what we find in Nigeria is that, the industrialists are very strong in advocacy. So they are able to influence the government a lot more even though the contribution of Manufacturing to GDP in Nigeria is less than 10 percent. So, most times policies win in their favour.
“Some complain that government officials negotiate international trade treaties and make trade and investment policies without consulting those whom those treaties and policies are supposed to serve; Some Nigerian manufacturers worry that the AfCFTA will create an opportunity for certain goods produced outside of Africa to enter the Nigerian market from smaller African countries.
“The bank is creating a digital ecosystem that will eliminate major bottlenecks to trade and financial flows within the continent. We estimate that when completed, the platforms could triple the share of Intra-African trade in Africa’s total trade and formalise significant proportions of the over us$60 billion annual informal cross border trade in Africa.
Among exporting companies, 84 percent expect AfCFTA to increase their volume of exports; the enthusiasm is shared by 91 percent of small companies and 100 percent of agriculture and trade businesses.
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