Nigerian president Muhammadu Buhari reacts after signing a landmark free trade agreement ahead of the African Union summit at the palais des Congres in Niamey, on July 7, 2019. The African Continental Free Trade Area is expected to be officially launched later on July 7, 2019 in what AU commission chairman Moussa Faki said would be a “historic” moment.
The move brought to an end the months of delay and heated debates among stakeholders on the propriety or otherwise of Nigeria jumping on the trade bandwagon. “But it is also clear to us that for AfCFTA to succeed, we need the full support and buy-in of our private sector and civil society stakeholders and the public in general.”
A former consultant to the World Bank, Dr. Samson Olalere, told The Guardian: “For this to be advantageous to Nigeria, the industrial sector of the economy has to be improved upon. The implication of the signing is that Nigeria will become a dumping ground for goods from better industrially developed countries who are signatories to the said agreement.
He called for adequate provisions for tracking the origin of products coming to Nigeria and advised that 70 to 80 per cent of raw materials of products coming to Nigeria must be sourced from Africa, while finished products coming to Nigeria must be made in Africa. This, according to him, would deepen the industrial sectors in Africa.
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