The Vice President, Prof. Yemi Osinbajo, yesterday said this is the time to sign the African Continental Free
Trade Agreement having widely consulted.
Trade Agreement having widely consulted.
Addressing the 8th Presidential
Quarterly Business Forum held at the Banquet Hall of the Presidential
Villa, Abuja, Osinbajo, however, expressed concerns about practices that
could be harmful to the country’s economy.
Quarterly Business Forum held at the Banquet Hall of the Presidential
Villa, Abuja, Osinbajo, however, expressed concerns about practices that
could be harmful to the country’s economy.
According to him, the entire continent is desirous of having Nigeria as a big player in its trade and commerce.
He said: “The rest of Africa sees the enormous advantage of Nigeria’s participation; everybody is waiting for us naturally.
“And that is because they see a huge market, there are advantages of
our being there, but we must ensure to get the best possible terms for
Nigerian trade and commerce.”
our being there, but we must ensure to get the best possible terms for
Nigerian trade and commerce.”
Osinbajo, however, recalled the
country’s experience with dumping and other injurious practices which
“make it obvious to us that our market could be a real target, our local
manufacturing could become unprofitable, our agricultural advances
could be reversed”.
country’s experience with dumping and other injurious practices which
“make it obvious to us that our market could be a real target, our local
manufacturing could become unprofitable, our agricultural advances
could be reversed”.
He stated that the administration embarked on
wide consultations with trade groups, manufacturers and organized labour
in the six geo-political zones in order to get a clear sense of
concerns and how best to navigate the process of signing the treaty.
wide consultations with trade groups, manufacturers and organized labour
in the six geo-political zones in order to get a clear sense of
concerns and how best to navigate the process of signing the treaty.
According to him, results from the consultations favoured Nigeria’s
signing of the agreement even though concerns were expressed about
improving the domestic environment.
signing of the agreement even though concerns were expressed about
improving the domestic environment.
Osinbajo said: “The general
results favour engagement but the concerns remain around improving the
domestic environment for greater competitiveness, concerns of power
supply and investment in infrastructure.”
results favour engagement but the concerns remain around improving the
domestic environment for greater competitiveness, concerns of power
supply and investment in infrastructure.”
Osinbajo also noted the
various studies that the Manufacturers association of Nigeria wanted
government to look into before taking decision on the ACFTA.
various studies that the Manufacturers association of Nigeria wanted
government to look into before taking decision on the ACFTA.
He
said: “The only way to go is that we must fix the gap, we must keep the
engine running, there is no time for us to say let’s wait, take down
the entire time just to prepare.
said: “The only way to go is that we must fix the gap, we must keep the
engine running, there is no time for us to say let’s wait, take down
the entire time just to prepare.
“I think this is the time to go
ahead and do something about it while we are taking into accounts all
the issues that have been raised and making sure that we are negotiating
well.
ahead and do something about it while we are taking into accounts all
the issues that have been raised and making sure that we are negotiating
well.
“For the first time Nigeria is actually engaged and we are
leading the engagement, this is something that has never happened in the
past.
leading the engagement, this is something that has never happened in the
past.
“In the past we found treaties that were negotiated nobody
knew who negotiated them, nobody knew how they were done, nobody knew
what was going on.”
knew who negotiated them, nobody knew how they were done, nobody knew
what was going on.”
The Director-General of the Nigerian Office for
Trade Negotiations, Chiedu Osakwe, said Nigeria could not afford to
delay the signing of the agreement.
Trade Negotiations, Chiedu Osakwe, said Nigeria could not afford to
delay the signing of the agreement.
Osakwe, who is Nigeria’s Chief
Negotiator for the ACFTA, said there was a lot of focus on Africa
because of its 1.2 billion population and market size of 2.5 billion.
Negotiator for the ACFTA, said there was a lot of focus on Africa
because of its 1.2 billion population and market size of 2.5 billion.
He said 49 out of 55 members of the African Union have signed the
Africa Continent Free Trade Agreement, while six have ratified it.
Africa Continent Free Trade Agreement, while six have ratified it.
He also said that 13 of the 15 members of the Economic Community of West
African States have signed the agreement, while Nigeria and Guinea
Bissau are the two countries that had yet to sign the ACFTA.
African States have signed the agreement, while Nigeria and Guinea
Bissau are the two countries that had yet to sign the ACFTA.
The
Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said
the Export Expansion Grant was key to growing the non-oil exports and
the diversification of the economy.
Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said
the Export Expansion Grant was key to growing the non-oil exports and
the diversification of the economy.
Also the Minister Power, Works and Housing, Babatunde Fashola, spoke on developments in power, works and housing.
According to him, the infrastructure revolution is geared towards
ensuring that Nigerian companies are competitive going into the ACFTA.
ensuring that Nigerian companies are competitive going into the ACFTA.
