For AfCFTA to succeed, African nations must develop policies that promote African production, among other benefits, he added.
The signing of the agreement on Sunday brought to an end several months of wait by many in the various sectors of the economy.
A few analysts have argued that the treaty would impact on government revenue and social welfare. According to them, elimination of all tariffs among African countries would erode the trading states’ treasury by up to $4.1billion annually and deepen poverty, with millions of Africans potentially exposed to starvation and death.
The secretariat’s primary mandate will be the implementation the agreement, which has been ratified by 25 countries, according to the African Union. . According to the former presidential candidate, with her huge potential and vast resources, Nigeria ought to have been the country driving the process, rather than being the nation trying to hold every other nation back on the continent.
“We signed before the thing had really gone into full drive , so we will benefit from it completely,” he told PREMIUM TIMES Tuesday morning. “If we must take advantage of AfCFTA, we must incentive the private sector for value addition. We cannot continue to export raw materials and get peanuts in return.”
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