Experts in the manufacturing sector are calling for increased value addition and the inclusion of the private sector for Nigeria to fully benefit from the African Continental Free Trade Area (AfCFTA).
Speaking at the third edition of the Nigeria Chamber of Commerce, Industries, Mines and Agriculture (NACCIMA) -Deloitte African Continental Free Trade Area (AfCFTA) Dialogue series held in Lagos, themed ‘Trade in Goods’, Segun Ajayi-Kadir, director-general of the Manufacturers Association of Nigeria (MAN), said the trade agreement has a vision and an objective to integrate Africa and create a unified continental market, but it will require the partnership of the private sector and a good business environment to thrive.
Ajayi-Kadir, who was represented by Oluwasegun Osidipe, director of statistics in MAN said, “Resources are abundant in Nigeria, which provides numerous opportunities especially in trade for the country but with the present condition of businesses and constrictive policies, it cannot be fully utilised.”
He said there is need to boost local production of goods as no nation can be tagged developed until it produces what it consumes. He added that the trade agreement can only be utilised if the traded goods are produced locally.
The MAN DG also said while the country has comparative advantage in natural resources, it lacks the inclusion of value addition.
Hajiya Saratu Aliyu, NACCIMA president, said in her address of welcome that the discussions focused on negotiated terms in the Trade in Goods protocol and how they affect the real sector of Nigeria’s economy, with a view of clearing the misconceptions surrounding the AfCFTA,
She said a consensus should be formed on the private sector’s approach to defensive and offensive trade strategies in taking full advantage of the opportunities provided by the AfCFTA’s Trade in Goods protocol, stressing that it is necessary to establish implementation plans for the private sector for the benefit and growth of the Nigerian economy.
Opeyemi Alaran, NACCIMA head of research and policy development, said during his presentation that the objective of the dialogue was to understand the details of the trade agreement such as the Rules of Origin, Protocol of Trade in Goods and Dervices, and dispute resolution, among others, to aid the decision-making process of businesses.
Gbemi Faminu
