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SAMI OLATUNJI examines how local challenges could stop Nigeria from reaping the benefits of the African Continental Free Trade Area
The AfCFTA drops 90 per cent of tariffs and includes policies aimed at eliminating nontariff barriers such as customs delays. So, the long-term benefits of AfCFTA are likely to be substantial and larger than the potential losses. About 1,804 small and medium-sized enterprises in Nigeria were surveyed in 2020 by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, and six in 10 companies said that they anticipate the AfCFTA would result in lower prices, larger markets, greater customer demand, and increased production capacity.
He noted that several small-scale manufacturers were struggling to cope and shut down due to high energy costs in the country, stressing the need for manufacturers to explore renewable energy.The Managing Director of Zubnol Global Link Industries, Chukwubuike Nnoli, noted that big machines required steady power and things could go awry if there were power failures. He stressed the need for the country to have a steady power supply in industrial clusters in order to power industries.
He said, “In some countries, power takes only about 10 per cent of their production cost. In Nigeria, power, sometimes, takes up to 50 per cent of our production cost. So, how can we be competitive? There is no way our goods can be competitive. The African Continental Free Trade, which is coming up, is a very big challenge for Nigeria. Our goods cannot be competitive when electricity alone can take up to 40 per cent of your production cost. It is a very big challenge.
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