President Buhari has said that signing the African Continental Free Trade Agreement, AfCFTA, will have both negative and positive impact for the Nigeria’s economy while receiving the report of the committee to assess the impact and readiness for AfCFTA at the presidential villa, Abuja.
This is as the Desmond Guobadia-led committee has urged the President to consider signing the agreement to enable Nigeria join the AfCFTA.
According to him: “The AfCFTA we aspire to have should therefore not only create wealth for investors but also jobs and prosperity for our vibrant and hardworking citizens. The benefits of economic growth must be prosperity for the masses. “For AfCFTA to succeed, we must develop policies that promote African production, among other benefits.
“Africa, therefore, needs not only a trade policy but also a continental manufacturing agenda. 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.”
He said henceforth, all negotiated agreements must create business opportunities for Africa’s manufacturers, service providers and innovators.
He said, “As I stated during the inauguration of this Committee, many of the challenges we face today, whether security, economic or corruption are rooted in our inability, over the years, to domesticate the production of the most basic requirements and create jobs for our very vibrant, young and dynamic population, Buhari added.