A foreign innvestment promotion and protection agreement was signed by Nigeria and Canada in May 2014, which Canada ratified in 2014. But Nigeria decided not to ratify the agreement because it was later found unbalanced.
Business groups have supported the Nigerian Federal Government’s delay in signing the African Continental Free Trade Area, stressing that adequate measure should be put in place to prevent dumping of goods into Nigeria and Africa countries in general.
Nigeria’s reluctance in signing the African Free Trade Agreement is based on the commitment to ensure that only what will benefit its economic interest is implemented as a policy.
Six analyses from economists and stakeholders.
According to the African Union Commission chairperson, Nigeria, Eritrea and Guinea Bissau have made no commitment to the AU’s Continental Free Trade Area (AfCFTA) signed in Kigali in March 2018.
The Manufacturers Association of Nigeria urges the government not to bow to pressure into signing the African Continental Free Trade Agreement without addressing the concerns raised by stakeholders.
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.
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 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.
Eschewing the ACFTA and EPA may be a blessing in disguise for Nigeria.
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.
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.
The President said he had been reluctant to sign the Economic Partnership Agreement among ECOWAS countries because of the need to protect the economy, especially the industries and small businesses that currently provide jobs for majority of Nigerians.
Uganda, in many ways like Nigeria, will investigate concerns by a sector of the business community before making major commitments.
Nigerian President Muhammadu Buhari said his government has already commenced wider consultations on the Africa Continental Free Trade Area, CFTA.
Nigerian President Muhammadu Buhari will not attend the African Union summit in Rwanda because certain key stakeholders in Nigeria indicated that they had not been consulted.
The Manufacturers Association of Nigeria urges the Nigerian government not succumb to the pressure by the European Union to sign the EU-ECOWAS Economic Partnership Agreement as well as the African Continental Free Trade Area.