AfCFTA: Put measures in place to realise benefits, CBN tells FG

Joy Obakeye

The Central Bank of Nigeria has asked the Federal Government to put measures in place to realise the benefits and full potentials of the African Continental Free Trade Area (AfCFTA) agreement.

This was disclosed by the Governor of the apex bank, Godwin Emefiele, on Tuesday, while addressing journalists at the end of the two-day meeting of the monetary policy committee.

President Muhammadu Buhari in July signed the agreement at the African Union (AU) summit in Niamey, the Nigerien capital, becoming the Fifty-four of the 55 AU member countries signed onto the deal.

The CBN Governor said the monetary policy committee noted the need to resuscitate the moribund industries and improve key infrastructure in the country.

“The committee urged the FG to put in place measures to aid the economy in realising the benefits and full potentials of the African Continental Free Trade Area agreement (AfCFTA).

“It noted the need to resuscitate moribund industries in Nigeria and improve key infrastructure in order to strengthen the productive base of the economy, create job opportunities as well as boost exports.”

He added that the committee commended the positive development with regards to the West African common currency put forward by the CBN and FG.

“The committee noted the positive development towards the creation of a common currency in the West Africa zone by January 2020 and commended the FG and CBN for putting forward, the initiative.

“The committee enjoined the bank to ensure that Nigeria is properly positioned to maximise the benefits of monetary integration.”