AfCFTA: Buhari approves establishment of national action committee
Joy Obakeye
President Muhammadu Buhari has approved the establishment of a National Action Committee (NAC) for implementation of African Continental Free Trade Area (AfCFTA) Agreement.
Nigeria signed the treaty on 7th July 2019, at the 12th Extraordinary Session of the African Union Heads of State in Niamey, Republic of Niger.
According to a statement by the Senior Special Assistant to the President on Media & Publicity, Garba Shehu, the National Action Committee will be made up of representatives from Ministries and Agencies with competent and relevant jurisdiction,
and selected stakeholder groups from the private sector and the civil society to coordinate the implementation of all the AfCFTA readiness interventions.
The statement added that the National Action Committee (NAC) will upon inauguration, “undertake a process of engagement with stakeholders to sensitize them on the opportunities and challenges of the AfCFTA, with preparedness plans for the Nigerian economy.
“Upon ratification, Nigeria will domesticate the Agreement by incorporating it into existing laws or enacting new laws, as appropriate.
It revealed that engagement will begin with the Ninth National Assembly.
President Buhari had approved recommendations of the Committee on Impact and Readiness Assessment of the African Continental Free Trade Area (AfCFTA) Agreement. The Committee, which was inaugurated by the President in October 2018, submitted its report on 27 June 2019.
“The Report of the Presidential Committee was comprehensive, analytic with the full engagement of Stakeholders in the Nigerian economy. The work of the AfCFTA Presidential Committee was preceded by a nationwide sensitization process directed by Mr President.
“The Report and consultative process raised the bar in engagement by Government with Stakeholders and set a standard for building support for strategic areas of public policy with clarity on concrete parameters for implementation action.
The recommendations approved by President Buhari include: “signature and ratification of the AfCFTA Agreement; engaging in the ongoing negotiations of the annexures of the Agreement to incorporate safeguards for the economy, such as a longer period to achieve AfCFTA’s trade liberalization ambition; common exclusive and sensitive lists for ECOWAS; import quotas for exclusive and sensitive products; security and customs cooperation and other measures to tackle smuggling, non-tariff barriers to trade and predatory trade practices.
“The President approved sustaining the trade reforms at ECOWAS including the establishment of common trade policy, improving the operation and welfare gains from the ECOWAS Trade Liberalization Scheme (ETLS) and establishment of an ECOWAS peer review and audit mechanism;
and establishing and championing programmes at AU/AfCFTA to resolve the critical continental level challenges to the success of the AfCFTA including smuggling, abuse of rules of origin, low production and service capacities, poor infrastructure and revenue loss.
