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Home Industries Agriculture
AFCFTA TO BOOST NIGERIAN EXPORTS BY 15% – BUHARI
HE URGED AFRICAN LEADERS MUST ALSO BUILD THE REQUISITE INFRASTRUCTURE.
by William Ukpe
3 hours ago
in Agriculture, Business, Economy
Share on FacebookShare on TwitterShare on Linkedin
The African Continental Free Trade Agreement (AfCFTA) will increase Nigeria’s
exports by more than 15 percent in fishery, textile, leather, wood and papers,
metals, electronics, vehicles and transport equipment.
African leaders must also build the requisite infrastructure and also actively
promote productive employment and a decent workplace, to explore the benefits of
the African Continental Free Trade Agreement (AfCFTA).
This was disclosed by Nigeria’s President Muhammadu Buhari at the ninth African
Shippers’ Day with the theme: “African Continental Free Trade Agreement: A
Veritable Platform for African Shippers’ to Mainstream into Global Trade,” on
Monday in Lagos.
Buhari was represented by the Minister of State for Transportation, Mr Ademola
Adegoroye.
Positive Influence: The President noted that long-term investment in productive
capacity including infrastructure, he said:
* “For AfCFTA to have a positive influence on long-term investment in
productive capacities, African government must develop appropriate supporting
policies, build the requisite infrastructure and ensure an educated
workforce.
* “We will need to actively promote productive employment and decent workplace,
women’s empowerment, food security and reduction in inequalities.”
Increased Exports: He added that Nigeria’s exports would also benefit by a 15%
boost, and increase trade with other sub-regions.
* “Specifically, Nigeria’s exports to the rest of Africa will increase by more
than 15 per cent in fishery, textile, leather, wood and papers, metals,
electronics, vehicles and transport equipment and machinery.
* “Following the AfCFTA reform, Nigeria’s exports will increase significantly
to other African sub-regions, outside West Africa, with most impressive
expansions to countries such as Botswana, Cameroon, Egypt, Ethiopia, Kenya,
Malawi, Morocco, Mozambique, Namibia, Rwanda, Tanzania, Uganda and Zimbabwe”.
Cross-sector approach: The President also stated that a cross-sectoral approach
is needed to make AfCFTA possible to overcome the existing constraints to
intra-African trade
* “That is why the Nigerian government have intensified efforts aimed at
identifying new opportunities for diversification and value chain development
under the AfCFTA, and complementary actions considered necessary to overcome
the existing constraints to intra-African trade.
* “This, we will, achieve through cross-sectoral approach, considering not just
trade, but also closely related areas such as agriculture, industry,
macroeconomic management and infrastructure development”.
In case you missed it
The Nigerian Government adopted the Phase II Protocols of the African
Continental Free Trade Area ( AfCFTA) last month according to a press statement
by a media aide to the president, Garba Shehu as President Muhammadu Buhari
attended the African Union Summit on Industrialization and Economic
Diversification in Niamey.
Phase II Protocols of the AfCFTA range on agreements from intellectual property
rights to investment and competition protection.
RELATED
AfCFTA: Nigeria agrees to ratify agreementNovember 12, 2020In "Business"
AfCFTA: President Buhari, 9 others receive award for contribution to
agreementJanuary 16, 2021In "Business"
AfCFTA: Implementation will fulfill dreams of a united and prosperous Africa –
BuhariDecember 6, 2020In "Business"
Tags: Africa Continental Free Trade Area (AfCFTA)
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