President Muhammadu Buhari has made it clear that job creation for the growing population, especially, the youths as well as increase in the local production of goods are the top reasons Nigeria joined the African Continental Free Trade Area.“For us as a government, our expectation from this agreement is job creation for our youth, increased production of our local raw materials and ultimately, exporting quality Made in Africa goods.
“As you also know, Trade is pivotal to job creation, growth and health of the economy. It is also a key enabler for regional and global integration.”
President Buhari spoke today, December 20 while inaugurating at the presidential villa, Abuja, a comprehensive committee to oversee the implementation of the agreement.
According to him, an greement is an important part of the African Union- 2063 Agenda to promote economic and social integration on the continent.
“We are very hopeful of creating a single African market for “Made -in- Africa” goods and services. This trade, together with free movement of people and capital will result in faster integration of African economies.
“As a government, we must ensure that Nigeria’s position remains that, such integration must be rules-based with built-in safeguards, against injurious practices.
“Nigeria’s approach to the African Continental Free Trade Area Agreement has been very measured and consistent. Our logic was simple, as Africa’s largest economy and most populous nation, we cannot afford to get it wrong.
“We consulted all key stakeholders. We also conducted a rigorous impact and readiness evaluation. It was after these consultations and studies, and satisfactory reports that I signed the African Continental Free Trade Area Agreement on behalf of Nigeria in July this year.
“We know the benefits and understand the challenges. It is clear that for us to fully benefit from this agreement, we must have an implementation programme that reflects our national trade objectives and development plans.
“This therefore requires aligning, restructuring existing development projects, programme and initiatives. Where there are gaps, we must address them. Accordingly we have established the National Action Committee on AfCFTA.
“As a Committee, your mandate is to support the efforts of Ministries, Departments and Agencies of government, stakeholder associations and businesses to realize the benefits of the AfCFTA, while putting measures to address any threats that may arise. All parties must work together and not allow any loopholes that might prove injurious to the Nigerian economy.
“I have directed all key Ministers and Senior Government officials to provide maximum support to your Committee.
“You are to submit quarterly reports on your progress, and I look forward to receiving your first report in March 2020.”
“As you also know, Trade is pivotal to job creation, growth and health of the economy. It is also a key enabler for regional and global integration.”
President Buhari spoke today, December 20 while inaugurating at the presidential villa, Abuja, a comprehensive committee to oversee the implementation of the agreement.
According to him, an greement is an important part of the African Union- 2063 Agenda to promote economic and social integration on the continent.
“We are very hopeful of creating a single African market for “Made -in- Africa” goods and services. This trade, together with free movement of people and capital will result in faster integration of African economies.
“As a government, we must ensure that Nigeria’s position remains that, such integration must be rules-based with built-in safeguards, against injurious practices.
“Nigeria’s approach to the African Continental Free Trade Area Agreement has been very measured and consistent. Our logic was simple, as Africa’s largest economy and most populous nation, we cannot afford to get it wrong.
“We consulted all key stakeholders. We also conducted a rigorous impact and readiness evaluation. It was after these consultations and studies, and satisfactory reports that I signed the African Continental Free Trade Area Agreement on behalf of Nigeria in July this year.
“We know the benefits and understand the challenges. It is clear that for us to fully benefit from this agreement, we must have an implementation programme that reflects our national trade objectives and development plans.
“This therefore requires aligning, restructuring existing development projects, programme and initiatives. Where there are gaps, we must address them. Accordingly we have established the National Action Committee on AfCFTA.
“As a Committee, your mandate is to support the efforts of Ministries, Departments and Agencies of government, stakeholder associations and businesses to realize the benefits of the AfCFTA, while putting measures to address any threats that may arise. All parties must work together and not allow any loopholes that might prove injurious to the Nigerian economy.
“I have directed all key Ministers and Senior Government officials to provide maximum support to your Committee.
“You are to submit quarterly reports on your progress, and I look forward to receiving your first report in March 2020.”
