Buhari Agrees to Sign African Continental Free Trade Area Agreement
President Muhammadu Buhari Wednesday promised to sign the African Continental Free Trade Area (AfCFTA) based on the recommendation received from the Presidential Committee on the Impact and Readiness Assessment of AfCFTA.
Buhari had earlier said he will not sign the agreement on the argument that it will open Nigerian market to imported goods which will not be to the interest of local manufacturers.
However, in a statement by the presidential spokesman, Malam Garba Shehu, the President said he will be signing phase one of the agreement during the Mid-Year Coordination Meeting of the African Union and 12th Extraordinary Summit on AfCFTA in Niamey, Niger Republic soon.
The statement said that on signing agreement, there will be discussion between countries to be able to enter into treaties.
The statement added that Africa needs not only a trade policy but also a continental manufacturing agenda.
According to the statement, “Our vision for intra-African trade is for the free movement of ‘made in Africa goods.’ That is, goods and services made locally with dominant African content in terms of raw materials and value addition.
“If we allow unbridled imports to continue, it will dominate our trade. The implication of this is that coastal importing nations will prosper while landlocked nations will continue to suffer and depend on aid.”
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