Acknowledging Nigeria’s market size despite continued drag in the implementation of the African Continental Free Trade Area agreement, the AfCFTA secretariat has stated that achieving the trade objectives is incomplete without Nigeria implementing the protocols.
Though he lauded the efforts of the Ministry of Industry, Trade and Investment, he said the potential of the AfCFTA market expansion is supported by market capacity to boost trade volumes and increase GDP growth per capita, while maintaining that market liberalisation will encourage SMEs to contribute to global supply chains.
He noted that the AfCFTA has the potential to increase Africa exports by $560billion, while boosting the productive capacity of exportable goods in the manufacturing sector. “While the take-off of AfCFTA should be lauded, much work remains undone as critical parts of the agreement are yet to be finalised. Several key issues need to be addressed including, schedules of tariff concessions, schedules of service commitment, rules of origin, investment, competition policy, and intellectual property rights in the AfCFTA agreement.”