AfCFTA to Boost Export Trade in Africa by $56bn, Predicts UNECA
The United Nations Economic Commission for Africa (UNECA) has predicted that the African Continental Free Trade Agreement (AfCFTA) will boost export trade in Africa by $56 billion and her Gross Domestic Products (GDP) by $44 bn
This was contained in a statement issued by the Communication Office of the UNECA after a two-day national forum on AfCTA.
The forum was attended by the Minister of Trade and Investments, Otunba Adeniyi Adebayo; UN Resident in Nigeria, Mr. Edward Kallon; President of the Manufacturers Association of Nigeria, Mr. Mansur Ahmed and representative of the Africa Union Commission, Mr. Willie Shumba, among others.
During the forum, the federal government had expressed fear of the risk associated with AfCFTA such as rogue traders, trader predators, who may manipulate the agreement to gain from Nigeria’s huge market.
But the Minister of Trade and Investment, Adebayo however said government would not allow such illegal activities in AfCFTA.
He was quoted saying that Nigeria was determined to “fully implement the terms of the AfCFTA and uphold its commitments on trade and regional integration.”
Noting that a National Committee has been set up by the government to ensure a successful implementation of the AfCFTA, Adebayo added that Nigeria will check smuggling activities under the trade term.
He said, “We will not allow rogue traders to manipulate the rules of origin and disguise goods from outside the continent as made in Africa so as to qualify for duty free passage.”
He said that Nigeria “has established that the AfCFTA can facilitate economic growth and diversification through preferential access to Africa’s market for manufactured goods and services.
“Whilst we have rightfully been wary of the risks posed by the AfCFTA to Nigeria, we ought now to look at it with significant optimism.”
The UN Resident in Nigeria and Humanitarian Coordinator, said it was very important for the continent to promote productive employment and decent work, food security and reduction in inequalities.
Kallon according to THISDAY report promised that the UN was all out to “support Nigeria to make the AfCFTA work for the county’s people, for the micro, small and medium enterprises, and for the women and youth entrepreneurs.
“To aid this process, the UNECA recently carried out modelling exercises on the expected impact of the AfCFTA on Nigeria’s economy, trade and welfare. They found that following the implementation of the AfCFTA, both GDP and Nigerian exports were expected to increase.
“The AfCFTA will be a game changer when it comes to stimulating intra-African trade. Nigeria’s exports to the continent would increase significantly by 10 percent or 15 percent in 2040, compared to baseline without the AfCFTA in place.
“The increase in Nigeria’s exports to its African partners would be most pronounced in agricultural and food sectors closely followed by industrial sectors, thereby offering invaluable opportunities to industrialize through trade.”
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