President Muhammadu Buhari has approved the establishment of a National Action Committee (NAC) for implementation of the African Continental Free Trade Area (AfCFTA) agreement.
The president had on July 7 signed the AfCFTA agreement at the 12th Extraordinary Session of the African Union (AU) Heads of State in Niamey, Republic of Niger.
A statement by Malam Garba Shehu, his Senior Special Assistant to the President on Media and Publicity, on Sunday, said the National Action Committee would comprise representatives of Ministries and Agencies with competent and relevant jurisdiction.
Other members of the committee, according to him, are selected stakeholder groups from the private sector and the civil society to coordinate the implementation of all the AfCFTA readiness interventions.
He said members of the committee would, on inauguration, undertake a process of engagement with stakeholders to sensitise them on the opportunities and challenges of the AfCFTA, with preparedness plans for Nigerian economy.
“Upon ratification, Nigeria will domesticate the agreement by incorporating it into existing laws or enacting new laws, as appropriate. Engagement shall shortly start with the 9th National Assembly,’’ he added.
Shehu disclosed that the President had approved recommendations of the Committee on Impact and Readiness Assessment of the African Continental Free Trade Area (AfCFTA) agreement.
The Committee, which was inaugurated by the President in October 2018, submitted its report on June 27.
The presidential aide observed that the report of the Presidential Committee was comprehensive, analytic with the full engagement of stakeholders in the Nigerian economy.
“The work of the AfCFTA Presidential Committee was preceded by a nationwide sensitisation process directed by Mr President.
“The Report and consultative process raised the bar in engagement by government with stakeholders and set a standard for building support for strategic areas of public policy with clarity on concrete parameters for implementation action.
“The AfCFTA Agreement, which creates a single market for goods and services and movement of persons to increase intra-African trade and deepen African economic integration, has Phase I and Phase II negotiations.
“The Phase I negotiations culminated in the Agreement establishing the AfCFTA, the Protocol on Trade in Goods; Protocol on Trade in Services; and, the Protocol on the Rules and Procedures on the Settlement of Disputes.
“These were adopted by the African Union (AU) Heads of State in Kigali on March 21, 2018,” he said.