Finance & Investment

Africa: Free Trade Agreement on the Table

The Federal Government is currently pursuing a rigorous domestic and wide consultative process with all stakeholders in the public and private sector on the Agreement Establishing the African Continental Free Trade Area, according to Vice President Yemi Osinbajo (SAN) Prof. Osinbajo noted that this was because the government recognizes the benefits of promoting intra-African trade for development, job creation, poverty reduction and modernization.

The Vice President said this last Saturday during the Africa Trade Forum 2018, AfCFTA Ratification and Implementation, with the theme: “A Game Changer for African Economies,” which held in Lagos. Noting that the AfCFTA is probably the most significant pan-African trade agreement in this generation, the Vice President stated that Nigeria, being “possibly the largest market in Africa today, is most likely to benefit the most or lose the most from the implementation of the agreement.”

Osinbajo stated that in response to the nationwide stakeholders engagement on October 22, President Muhammadu Buhari inaugurated and established the “Presidential Committee on Impact and Readiness Assessment on the African Continental Free Trade Area”. He added that the Presidential Committee is now at work, in full steam, and a final report will be sent up to the President in 10 weeks. Osinbajo said: “I believe that most African policy makers would accept these feedbacks from Nigeria as having wider validity, especially as having some validity with their own economy as well. “At the inauguration of the Presidential Committee on AfCFTA last week, President Buhari emphasized, while commending the AfCFTA process, as worthy and commendable, he said.

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