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Business News of Monday, 12 December 2022

Source: guardian.ng

Experts validate Nigeria’s implementation strategies to maximise AfCFTA’s gains

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Trade experts have validated Nigeria’s implementation strategies for successful adoption of the Africa Continental Free Trade Area Agreement (AfCFTA).

They spoke in Lagos at the final validation roundtable by stakeholders before presentation to the Federal Executive Council (FEC) for President Muhammadu Buhari’s approval.

Speaking at the forum, former Secretary, National Action Committee on AfCFTA, Francis Anatogu, said that the validation of Nigeria’s strategic choices on how to win under the AfCFTA was critical.

According to Anatogu, Nigeria’s strategies outlined deliberate choices based on its market’s location, the country’s strengths and areas of preparedness for Nigerian businesses to trade in Africa and beyond.

He stated that the country, understanding its problems of revenue and foreign income, needed to fashion a way out via increased productivity and international trade.

Anatogu said that within the strategy document, some policies have been identified for updating and others showed need for the creation of new laws to make sure Nigeria leads Africa.

“We are validating the strategies and also sensitising businesses on choices for better positioning.

“Once the strategies are validated, it would be sent to the Chairman of the National Action Committee, the Minister of Industry, Trade and Investment for FEC approval.”

“At the end of the day, some of these policies would need to be backed by law, leading to update of laws that we have already and creation of new laws to make sure Nigeria leads Africa.

“Trade is technical and complex, so understanding how each company in Nigeria can trade and win is important,” he said.

A consultant, Common Investment Market, ECOWAS, Prof. Jonathan Aremu, said that the country’s strategy considered not only the technical aspects of compliance, but also the opportunities for substantial domestic macroeconomic reforms.

Aremu said that the strategy, which repositioned the country’s economy for AfCFTA, would impact trade, investment, private sector engagement and sustainable productive capacity.

“The strategy, therefore, provides the logic of positioning of Nigeria for AfCFTA implementation with strong institutional and governance framework by the Ministries, Departments and Agencies (MDAs) of the government collaborating with the private sector.

“Positioning Nigeria for better macroeconomic performance, under the AfCFTA, requires better infrastructure, freer movement of goods, people and capital.

“It also requires improved digital connectivity, access to finance, supportive business environment, adequate investments and trade facilitation,” he said.

Consultant, United Nations Economic Commission for Africa (UNECA), Mr. Soji Awogbade, underscored ensuring that extant domestic laws were examined for alignment with the provisions of AfCFTA for its successful implementation.

Awogbade said that 378 relevant laws, regulations and policies were reviewed to determine whether there was divergence with the spirit and objectives of the AfCFTA.

According to him, 26 laws were found to contain provisions somewhat in conflict with the goals of the AfCFTA.

He recommended that an AfCFTA Domestication Bill should be drafted and sponsored as an Executive Bill to facilitate smooth legislative process.

Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, called for workable and patriotic policies that would improve the lot of Nigeria under the AfCFTA.

Ngige, who was represented by Simon Omo-Ezomo, Director, Special Duties in the ministry stated that: “Policies are sensitive and if not worked on properly would not turn out well. So, the charge is to come out with policies that would improve trade for Nigeria first, then for Africa.”