FG Sensitises States on Benefits of AfCFTA
The federal government has identified opportunities in the African Continental Free Trade Agreement (AfCFTA) for Nigeria, saying that Nigerian businesses should not miss out.
To ensure that many businesses in the country are part of AfCFTA, the federal government said all states are being sensitized to be part of the trade.
The Senior Special Assistant to the President on Public Sector Matters and Secretary, National Action Committee on AfCFTA, Mr. Francis Anatogu, said that the committee has been visiting every state to ensure that stakeholders are sensitised on the benefits of the trade pact.
He said that the AfCFTA will be of great benefits to the Nigerian economy with linkages with neighbouring countries.
He said that concerns of rules of origin are being taken care of, insisting that only goods produced in the continent will benefit from the trade pact.
He disclosed that authorities to take care of the rules of origin are being set up.
According to him, “Rules of origin means that for the products, if they are not made 100 per cent in Africa, they do not qualify and in others if they do not meet the rules of substantial transformation, they also do not qualify. And this will guide the AfCFTA agreement. It does not mean that those products cannot come in, but they cannot benefit from the packages in the agreement.
“Africa imports over 80 per cent of its products from the rest of the world. Our export of crude oil per annum is in the range of $50 billion and $60 billion. However, Africa exports $504 billion per annum.
“That is about 10 times what Nigeria does. That tells you the size of the market. The other thing to note is that Africa imports mostly manufactured products. So, that tells you the size of the market. So, if Nigeria is able to displace one African trade partner and sell Nigerian products to Africans because tariffs have reduced, the standards and qualities have been harmonised and because we have agreed to trade together.
“Then, we would ultimately be growing our production capacity, we would be industrialising; be creating jobs and be moving away from the perennial problems of devaluation which affects individuals and companies.
“To put it in perspective, in terms of services, transportation alone, Africa imports about $16 billion. So, the opportunities are there, we just need to take advantage of it; especially because we have come together as African countries to do this.”
To ensure that many businesses in the country are part of AfCFTA, the federal government said all states are being sensitized to be part of the trade.
The Senior Special Assistant to the President on Public Sector Matters and Secretary, National Action Committee on AfCFTA, Mr. Francis Anatogu, said that the committee has been visiting every state to ensure that stakeholders are sensitised on the benefits of the trade pact.
He said that the AfCFTA will be of great benefits to the Nigerian economy with linkages with neighbouring countries.
He said that concerns of rules of origin are being taken care of, insisting that only goods produced in the continent will benefit from the trade pact.
He disclosed that authorities to take care of the rules of origin are being set up.
According to him, “Rules of origin means that for the products, if they are not made 100 per cent in Africa, they do not qualify and in others if they do not meet the rules of substantial transformation, they also do not qualify. And this will guide the AfCFTA agreement. It does not mean that those products cannot come in, but they cannot benefit from the packages in the agreement.
“Africa imports over 80 per cent of its products from the rest of the world. Our export of crude oil per annum is in the range of $50 billion and $60 billion. However, Africa exports $504 billion per annum.
“That is about 10 times what Nigeria does. That tells you the size of the market. The other thing to note is that Africa imports mostly manufactured products. So, that tells you the size of the market. So, if Nigeria is able to displace one African trade partner and sell Nigerian products to Africans because tariffs have reduced, the standards and qualities have been harmonised and because we have agreed to trade together.
“Then, we would ultimately be growing our production capacity, we would be industrialising; be creating jobs and be moving away from the perennial problems of devaluation which affects individuals and companies.
“To put it in perspective, in terms of services, transportation alone, Africa imports about $16 billion. So, the opportunities are there, we just need to take advantage of it; especially because we have come together as African countries to do this.”
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