Thursday, March 22, 2018 14:57

The Manufacturers Association of Nigeria (MAN) has supported the
country's refusal to sign the African Continental Free Trade Area
(AfCFTA). Some 44 countries signed the agreement in Kigali, Rwanda on Wednesday, creating the world's largest free market.
However,
3,000 Nigeria manufactures praised their country for backing out,
saying the deal would lead to gross unemployment at home as most local
companies would die "a quicker death’’.
MAN president
Frank Jacobs said on Thursday the association would not support the
Federal Government’s adoption and ratification of the agreement until
issues of market access and enforcement of rules of origin were
addressed.
According to MAN, the agitation from the private sector was a
result of lack of inclusion of inputs of key stakeholders in the
build-up to AfCFTA negotiation by Nigeria.
AfCTA is
expected to create a trade bloc of 1.2 billion people with a combined
gross domestic product (GDP) of more than $2 trillion.The agreement commits countries to removing tariffs on 90 per cent of goods and to liberalise services.
Dr
Jacobs said the market access that allows only 10 per cent of products
to be protected as well as government’s enforcement of rules of origin
needed to be clearly defined before local producers could support it.
The AfCFTA agreement was signed at the 10th Extraordinary Summit of the Assembly of the African Union, but Nigeria was absent. President Muhammadu Buhari cancelled his trip to Kigali because of the issues raised by MAN.
As
the signing was going on in Kigali, Africa’s leading industrialist
Aliko Dangote and Microsoft founder and philanthropist Bill Gates were
meeting with President Buhari in Abuja.They were due to address a special session of the National Economic Council (NEC) later on Thursday.
The
special session underscores the Buhari administration’s Economic
Recovery and Growth Plan (ERGP) for inclusive growth and human
development. NEC is chaired by Vice-President Yemi Osinbajo, who was also expected to deliver an address at the occasion.
The
NEC membership comprises the 36 state governors, the Governor of the
Central Bank of Nigeria and other co-opted state officials. The council was inaugurated by President Buhari on June 29, 2015.
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