The Senate has called for the review of the African Continental Free Trade Area Agreement (AfCFTA) after concerns that the Agreement could lead to the importation and distribution of substandard goods and services in the country and urged the Federal Government to ensure its provision are beneficial to Nigerian local business and industries.
Leading the debate on a motion titled “Nigeria’s Membership of the African Continental Free Trade Area (AfCFTA)” sponsored by Sen. Jibrin Barau (APC: Kano) and 44 Others, various lawmakers expressed concerns that Nigeria may be unable to benefit from the Agreement due to its weak economy although they described the objectives of the Trade Agreement, which seeks to accelerate intra-African trade and boost Africa’s trading position in the global market as commendable.
In addition, lawmakers noted that Nigeria’s poor business environment discouraged many industries from thriving due to inadequate infrastructures and other bottlenecks that discouraged global competitiveness. Lawmakers stated that despite the Treaty’s objective of boosting Intra-Africa trade by removing trade barriers such as tariffs; allowing companies and industries to expand and explore new market opportunities, the responsibility of streamlining Nigeria’s economic policies and programmes with the Agreement lies with the Federal Government.
It would be recalled that President Muhammadu Buhari on 6 July 2019 signed the African Continental Free Trade Area (AfCFTA) Agreement at the 12th Extraordinary Summit of the African Union in Niamey, Niger Republic. This formally conferred Nigeria with Membership to the 54-country trade bloc.
