Because Nigeria does not quite have the infrastructure and capacity to efficiently manufacture most of its consumer needs, AfCFTA may stunt Nigeria’s quest to migrate from perpetually exporting primary goods and importing manufactured products, for which labour suffers the most assault.
India is hopeful that a bilateral trade agreement with the country could open the doors wider to the entire continent.
President Muhammadu Buhari says Nigeria will only be signatory to the Continental Free Trade Agreement if the nation’s national interests as well as regional and international obligations are balanced.
Nigeria’s President Muhammadu Buhari said the country will sign up soon to a $3 trillion African free-trade agreement.
The objective of the consultative workshop is a regional-wide consultation to finalize the outstanding issues including criteria for designation of sensitive products, percentages, etc.
Namibia has finally signed the trillion-dollar African Continental Free Trade Agreement (AfCFTA), which requires members to remove tariffs from 90 percent of goods to allow free access to commodities, goods and services across the continent.
Forty-nine members of the African Union have signed the African continental free trade area (AfCFTA) agreement, said AU chairperson Paul Kagame .
South Africa will sign the African Continental Free Trade Area (AfCTFA) agreement, Trade and Industry Minister Rob Davies confirmed.
The Manufacturers Association of Nigeria (MAN) said the issues raised by major stakeholders, including those expressed by manufacturers, still remained unattended to.
Stakeholders in the Organised Private Sector have called for safeguards against a sudden surge in imports that may follow Nigeria’s eventual signing of the African Continental Free Trade Area agreement.
African trade ministers have deliberated on the protocols to the agreement establishing African free trade area (AfCFTA), and the modalities for tariff liberalization.
Eschewing the ACFTA and EPA may be a blessing in disguise for Nigeria.
African Continental Free Trade Area signatories are now beginning the ratification process, while also looking at the technical work needed to make the area a reality.
President Muhammadu Buhari of Nigeria very explicitly stated to the new Ambassador of the European Union that Nigeria was determined not to sign the Economic Partnership Agreement for West Africa.
Ghanaian Parliament has endorsed the new agreement establishing the African Continental Free Trade Area (AfCFTA).
It appears from all indications that the African private sector is either kept at the back door or yet to be given a pride of place in the AfCFTA process.
The implementation of common ECOWAS tariff will make Nigeria lose businesses because it means that once a tariff is paid in one country, no other tariff will be paid in any other country in West Africa.
Trade Minister welcomes collaborations from various partners to create awareness and prepare the private sector and the common man for the agreement.
The MFN clause of their interim Economic Partnership Agreements obliges Ivory Coast and Ghana to extend to the EU the tariff advantages granted in the Africa’s Continental Free Trade Area.