Nigerian President Muhammadu Buhari has approved the establishment of a committee to implement the country’s participation in the African Free Trade Agreement.
Some manufacturers in Nigeria say that wading into the continental market could undermine local players and have negative implications.
Nigeria will sign an Africa free trade agreement at the coming African union summit, according to a statement posted on the Nigeria presidency’s Twitter feed.
“Africa needs not only a trade policy, but also a continental manufacturing agenda,” Buhari said. “Our vision for intra-African trade is for the free movement of made-in-Africa goods."
Nigeria’s failure to sign the Africa Continental Free Trade Area (AfCFTA) agreement may hold the continent back on its economic prosperity drive, the African Development Bank (AfDB) has said.
The African Continental Free Trade Agreement (AfCFTA) became a binding international legal instrument, even though critical parts of the agreement are yet to be completed.
Nigeria will sign the Africa Continental Free Trade Agreement as soon as President Muhammadu Buhari approves an impact-assessment report he asked for, the country’s trade minister said.
Ken Ukaoha is the president of the National Association of Nigerian Traders (NANTS) and shares his view on the African Continental Free Trade Area (AfCFTA)
The African Union agreed last year to create a free trade zone on the continent but Africa’s largest economy, Nigeria, isn’t on board with the agreement.
The National Association of Nigerian Traders (NANTS) has warned that the implementation of African Continental Free Trade Agreement (AfCFTA) in Nigeria would increase unemployment among farmers, and farm workers in the country.
The National Association of Nigerian Traders (NANTS) thrown its weight behind President Muhammadu Buhari’s refusal to signed and ratified the African Continental Free Trade Agreement (AfCFTA).
Shell used the investment agreement between the Netherlands and Nigeria to obtain a lucrative oil field at remarkably good conditions.
The Manufacturers Association of Nigeria has again warned Nigeria against signing the African Continental Free Trade Area to save Nigeria from being a dumping ground for foreign goods.
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.