By Merit Ibe
Trade experts have validated Nigeria’s implementation strategy under the Africa Continental Free Trade Area Agreement (AfCFTA). The implementation strategy, developed by the National Action Committee on AfCFTA (NAC), identifies priority actions to be undertaken by the Government of Nigeria to effectively realise the full benefits of the AfCFTA. It was reviewed by a technical panel last month in Lagos.
It was the final validation by stakeholders before presentation to the Federal Executive Council (FEC) for President Muhammadu Buhari’s approval. In his presentation, former secretary, National Action Committee on AfCFTA, Francis Anatogu said there are lots that could be done but the strategy has outlined deliberate choices based on the location of the market, “where our strength is , based on areas where we must do things to prepare Nigerian businesses to be able to trade in Africa and beyond.
He noted that the validation of Nigeria’s strategic choices on how to win under the AfCFTA was critical.
According to him, the country, understanding its problems of revenue and foreign income, needed to fashion a way out via increased productivity and international trade.
Anatogu said 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 and would require approval of FEC.
Also, Prof. Jonathan Aremu, a Consultant, Common Investment Market, ECOWAS, said Nigeria potential to become a major player in the global economy by virtue of its market size human and natural resources has never been in doubt, but the potential has remained untapped over the years.
The AfCFTA , first in the series of the African Economic Community (AEC) economic integration initiative provides an opportunity for an expanded market for goods and services for Nigerians by building on progress achieved through similar free trade area (FTA) that is (ECOWAS) trade liberation scheme (ETLS).
Aremu said 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.
Contributing, Mr Soji Awogbade, Consultant, United Nations Economic Commission for Africa (UNECA), said focus must be placed on 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.
“The Nigeria International Trade Commission Bill, proposed by the TIG Consultant, should amongst other provisions, endow the Minister of Trade with the powers to review and designate target state parties for reciprocity considerations under local regulatory requirements.
In his remarks, Dr Evelyn Ngige, the Permanent Secretary, Ministry of Industry, Trade and Investment, called for workable and patriotic policies that would improve the lot of Nigeria under the AfCFTA.
“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,” Ngige represented by Simon Omo-Ezomo, Director, Special Duties in the ministry said.
