Nigeria risks import surge over three-phase liberalisation tariff rates-Report
Nigeria is likely to face a surge in importation of manufacturing goods due to three-phase liberalisation tariff rates to the tune of 251.4 per cent during a 15-year period, the latest report by Centre for Trade and Development Initiative of the University of Ibadan has shown.
The report stated that the three-phase liberalisation tariff rates from 5 per cent, 10 per cent and 20 per cent to zero will likely generate a higher surge of imported manufactured goods to the tune of 159.5 per cent, 183 per cent and 251.4 per cent on the average’ during a 15-year period.
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Reacting on this development, the Manufacturers Association of Nigeria (MAN) said the report shows that Nigeria, being one of the least in terms of import penetration from African countries makes the country an export target for many African countries under Africa Continental Free trade Agreement.
The Chairman of Apapa Branch of MAN, Engr. Frank Onyebu expressed the position at the 10th Business luncheon tagged “Repositioning the Nigerian Manufacturing Sector to cope with Africa Continental Free Trade Agreement (AfCFTA).
Onyebu, who was represented by the Vice-Chairman of the branch, Apostle Raphael Damilola said, the import is expected to the surge in all the manufacturing sectoral groups and by extension the 77 subsectors in the third phase of the liberalisation. “I daresay this is really frightening and food for thought for Nigerian manufacturers going forward.”
Also speaking at the luncheon, Lagos State governor, Mr, Babajide Sanwo-Olu noted that AfCFTA is entrenched with the opportunities for creating a unique continental market for goods and services, tapping into a regional export destination by the small and medium-sized enterprises will create employment for Africa’s bulging youth population and expedite the regional and continental integration process.
The governor who was represented by the Permanent Secretary, Ministry of Commerce, Industry and Cooperatives, Dr Bola Balogun assured that the state will continue to improve the social and economic environment.
