Nigeria to sign African Free Trade agreement soon —Adeosun

Finance Minister Kemi Adeosun said the Federal Government would soon sign the African Continent Free Trade Agreement (AfCFTA), as it was taking its time to assess the risks an open market would pose on the Nigerian economy.

The minister said this on Wednesday while speaking at the opening session of the African Export-Import (AFREXIM) Bank Annual General Meetings in Abuja.

According to Adeosun, President Muhammadu Buhari withheld his assent to enable the Federal Government make necessary consultations with major stakeholders.

She stated that a decision would be taken on the issue soon, noting that the Africa trade agreement was too important for the country to hurriedly sign without making sure that the interest of all segments of the economy was protected.

Adeosun said the government has embarked on a nationwide consultation with state governments, local government authorities as well as manufacturers and other stakeholders.

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“We have been doing a lot of consultation around the country with manufacturer groups and other stakeholders. People are asking legitimate questions about how the AfCFTA affects them.

“It is extremely important for Nigeria to take its time to do this, because we must never be in a hurry in order not to get things wrong. We must get things right and that is why we must follow all the due processes, so that we can be able to say that we have done all the things that we are expected to do.

According to United Nations Economic Commission on Africa, the AfCFTA is expected to increase intra-African trade from 19 percent to 52.3 percent.

On March 14, the Federal Executive Council gave approval that Nigeria should sign the agreement for the establishment of the AfCFTA’s framework.

But, President Buhari pulled out of the African Union meeting where the pact was to be signed by 55 African countries.

However, only 44 countries have signed the AfCFTA to date, and just 30 nations have signed the Free Movement Protocol — signifying the free movement of people, right of residence and right of establishment.

Should all the 55 African countries join the AfCFTA, the continent would be one of the world’s largest free-trade areas in terms of the number of countries, covering more than 1.2 billion people and over $4 trillion in combined consumer and business spending.

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