AfCFTA: Nigeria's private sector react to Buhari's action - Daily Post Nigeria

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AfCFTA: Nigeria's private sector react to Buhari's action - Daily Post Nigeria
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AfCFTA: Nigeria’s private sector react to Buhari’s action

The sector’s chieftains told the News Agency of Nigeria on Monday in Lagos that Nigeria had more to gain because it would have access to the larger market of the member countries.

“Not signing before now gave us the opportunity to put our views on the table to shape the structure of the agreement.The director-general, however, said though this would improve trade among African countries, appropriate safeguard measures should be put in place to protect vulnerable sectors of the economy.

“Initially, we were not fully prepared, but right now, we are more than ready to benefit and exploit the framework of the agreement,” he said. Olukanni said the AfCFTA framework required that operational modalities of the Rules of Origin, Tariff Schedules, Tariff Concessions, Services, and Investment Rules, among others were strictly followed by the relevant agencies.

“The reality is that AfCFTA is finally here, and the recent stakeholders’ meeting organized by the Coalition for Dialogue on Africa in Addis-Ababa is a clear indication that we are on the margins of history on the emergence of Africa as a single and unified market.Olukanni added that before the agreement, most Nigeria’s companies, including banks, operated in 18 African countries, while Nigeria practically dominated the entertainment and creative sector of the continent.

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