By John Okoh
Buhari, with VP Osinbajo, Abba Kyari, Chief of Staff and members of the committee in Abuja on Thursday
President Muhammadu Buhari hinted at the possibility of Nigeria’s readiness to lay controversy to rest and sign the Agreement on African Continental Free Trade Area, AfCFTA.
He disclosed this new stance when he receive the report on the impact of the African Continental Free Trade Area (AfCFTA) and Nigeria’s readiness for it, at Aso Villa on Thursday.
Over a year since the African Union Heads of States adopted the Phase I Agreement on the African Continental Free Trade Area (AfCFTA) at its 10th Extraordinary Summit in Kigali, Rwanda, on 21st of March 2018, Nigeria has refused to sign the AfCFTA, claiming economic independence that would not make the country a dumping ground for substandard goods and services which may ultimately affect its labour market and economic growth. But ex-President Olusegun Obasanjo had been in the forefront of those campaigning for Nigeria’s signatory, stating that the opportunities were more than the fears.
Receiving the report from the committee, Buhari said, “Since then, a lot has been said about Nigeria’s decision to conduct a detailed study on how this agreement will impact us as a country.
“Let me state unequivocally that trade is important for us as a nation and to all nations. Economic progress is what makes the world go around.
“Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis. The AfCFTA will have both positive and negative effects on us as a nation and on our region.
“As Africa’s largest economy and most populous country, we cannot afford to rush into such agreements without full and proper consultation with all stakeholders.
“As you mentioned in your report, intra-African trade is only 14% of Africa’s total trade. Our consumption is mostly of goods imported from outside the continent.
“For AfCFTA to succeed, we must develop policies that promote African production, among other benefits.
He said Nigeria’s positions remains a “continental manufacturing agenda that supports intra-African trade, 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. “
He assured the committee that the “report will form part of the consideration in our decision on the next steps on the AfCFTA in particular and on broader trade integration subjects. “
