Nigeria Joins AfCTA As Buhari Signs Agreement
Nigeria at the weekend in Niamey, Niger Republic, officially joined the African Continental Free Trade Area (AfCFTA) as President Muhammadu Buhari finally signed the agreement at the opening of the African Union (AU) Summit.
This is coming as the President of Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Ruwase, yesterday hailed Nigeria’s membership of AfCFTA and commended Buhari for signing the agreement
The president’s spokesman, Mr. Femi Adesina, in a statement, said Buhari signed the treaty at exactly 10: 47a.m. in the presence of other African heads of state and governments, delegates and representatives from the private sector, civil society and the media, which attended the 12th Extraordinary Summit of the African Union on the launch of the Operational Phase of the AfCFTA.
The phase one of the agreement was adopted by African Union (AU) Heads of State and Governments at its 10th Extraordinary Summit in Kigali, Rwanda, on March 21, 2018.
But Nigeria pulled out of the agreement signing ceremony at the last minute, following agitations from the private sector that the agreement would make Nigeria a dumping ground for goods and services in Africa.
Consequently, the president set up a committee to make wider consultations on the agreement with a view to coming up with recommendations on whether Nigeria should join AfCFTA or not.
The committee, while submitting its report on June 27, advised Buhari to sign the agreement, listing a number of factors, which aided the committee’s recommendations and the benefits accruable from it.
Shortly after signing the agreement yesterday, the president, according to the statement, declared that Nigeria’s commitment to trade and African integration had never been in doubt neither had it ever been under any threat.
The statement added that Buhari told the summit that Nigeria would build on yesterday’s signing of the treaty by proceeding expeditiously with the ratification of the AfCFTA.
“Our consultations and assessments reaffirmed that the AfCFTA can be a platform for African manufacturers of goods and providers of service to construct regional value chains for made in Africa goods and services,” Buhari said, adding: “It was also obvious that we have a lot of work to do to prepare our nation to achieve our vision for intra-African trade, which is the free movement of ‘made in Africa goods.’
According to him, “Some of the critical challenges that we identified will require our collective action as a union and we will be presenting them for consideration at the appropriate AfCFTA fora.
Adesina also quoted Buhari as saying that Nigeria’s signing of the AfCFTA and its operational launch at the 12th Extraordinary Summit was an additional major step forward on the AU’s Agenda 2063.
According to him, with Nigeria and Benin Republic signing the agreement at the Niger summit, 54 of 55 African countries had signed the world’s largest free trade area deal, encompassing 55 countries and 1.2 billion people, noting that Eritrea is the only African country yet to sign the agreement.