AfCFTA: Experts task FG on readiness to implement continental trade agreement
Trade and economy experts have urged the federal government to carry out wide sensitization and set up a mechanism to ensure their readiness in the implementation of the African Continental Free Trade Area Agreement (AfCFTA).
They made the call at a roundtable discussion of the free trade agreement which has the theme “Operationalizing AfCFTA and the Nigerian Policy: Options and Opportunities” organized by the Friedrich-Ebert-Stiftung (FES Nigeria) in collaboration with the Nigerian Association of Small and Medium Enterprises (NASME) in Abuja
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Speaking separately, President, National Association of Small and Medium Enterprises (NASME) Degun Agboade, says despite the signing of the AfCFTA, many Nigerians are not aware.
He said although the president Muhammadu Buhari has set up an impact assessment team which the association were part of the sensitization team, however, there still lies a gap in communication, which is why the roundtable is holding to contribute in assisting the government to sort the problems, challenges and to ensure that Nigeria ready for the treaty.
“We are aware that government has set up an action committee, as such we expect that Nigeria situate the issues, challenges, solutions and the recommendations which is why we want to prescribe what the committee should do.
“The first step in the AfCFTA is just the signing of the agreement, there are two other key basic areas which are negotiations and implementations, therefore communication is important so people can understand what the government are doing
“We expect that the agreement will help tremendously especially as it will open doors for more manufacturing and also open more doors for tax collections,” he said
Also the president of the National Association of Nigerian Traders (NANTs), Ken Ukaoha says the African Continental Free Trade Area Agreement (AfCFTA) cannot thrive without the involvement of the Small and Medium Enterprises (SMEs) as well as the organized private sector.
Ukaoha added that the contributions of the Small and Medium Enterprises sector over the past years in Nigeria lends credence to their relevance in the agreement.
“76 per cent of Nigeria’s Gross Domestic Product (GDP) earnings is solely accounted for by the Small and Medium Enterprises who in turn contribute about 81 per cent of Africa’s GDP.
“This is why we need to fully involve the sector and showcase the benefits the agreement brings as well as prepare the Nigerian people on the task ahead.
“The agreement is no only limited to goods alone, as services, intellectual property and other components are involved. Therefore, people must be sensitized on the loopholes, and the benefits,” he added.
An international economic relations Professor at the Veritas University, Jonathan Aremu, says the agreement renders a lot of benefits to the country.
“From the inception of the agreement, we worked as the team for the readiness impact assessment were recommended that Nigeria be part of the agreement, the opportunities integrate the African economy so that we can become big. This is because most of our businesses are small and therefore with an integration, Nigeria can extend its tentacles to other countries and increase our foreign exchange vertically upwards.
“The agreement allows Nigeria as one of the biggest economies in Africa to trade in a large volume and expand its revenue base,” he said
He however warned government to be wary of the challenges the closure will pose to Nigeria especially in checking against dumping by ensuring that all goods coming into the country come through appropriate channels.
Earlier in his remarks, the resident representative of Friedrich-Ebet Stifung (FES-Nigeria) Ulrich Thum, organizers of the event says the non-profit organization based in Germany has been in Nigeria for 43 years.
He says they are partnering with the Nigerian Association of Small and Medium Enterprises on the African Continental Free Trade Agreement and how it relates to the Nigerian trade policy.
“It is vital to bring the relevant stakeholders together to see the different interest of different businesses and stakeholders, consumers and also representatives of the government so as to see what
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